This week, the country enters the second phase of the implementation of the initiative, which is the latest step towards the digital transformation of the financial sector
The second phase of the implementation of Open Banking in Brazil will start on August 13th and will be marked by the possibility of sharing personal data between financial institutions, with the client's consent. This initiative will allow the generation of new business by companies and access to customized and more advantageous products for customers. But for Open Banking to be implemented, technology is essential: APIs (an acronym that refers to programming interfaces) are the link between all parties involved in communicating and sharing information. WSO2, a global company in solutions for digital transformation, has already acted in Open Banking initiatives around the world, and now applies all its experience in the sector in Brazil.
“WSO2 has already assisted banks in implementing Open Banking as well as complying with local regulations such as PSD2 in Europe, Consumer Data Right in Australia, and various other regional requirements. All with complete security of customer data”, says Seshika Fernando, Vice President and Head of BFSI Practice at WSO2. “Especially for Brazil, Open Banking will be revolutionary, allowing more people to access quality financial services. Today there are still 34 million Brazilians who do not use a bank and, with the Open Banking model, this number tends to decrease considerably”, concludes the executive.
Among the main functionalities of Open Banking is the monetization of services through APIs, integrating them with the main collection systems already available, enhancing Open Banking operations and making them sources of revenue. In addition, APIs bring more speed and convenience at all stages of banking operations.
“WSO2's API, Integration, Identity and Access Management solutions (API Manager and Identity Server) enable data flows to add value to all actors in the Open Banking ecosystems. Features include facilitating insights for strategic business decisions and process automation to streamline all Open Banking procedures, both for banks and customers,” said Fernando Arditti, Vice President and General Manager of WSO2 Latin America.
The Open Banking
With the Central Bank as the regulatory body for implementation and operations, Open Banking has as its main characteristics the total control of customers over which data will be shared and to whom, in addition to many benefits, especially the freedom to access the services of different financial institutions, so that you can make a conscious choice based on your profile. In turn, by using customer-shared data, companies will be able to generate new business, offer more personalized solutions, and provide more engaging customer experiences, such as service and rate comparison, financial planning apps, social media payments, and marketplace credit.
According to the Central Bank's schedule, phase 3 of the implementation of Open Banking in Brazil is scheduled to start on August 30, and with it, the possibility of sharing payment transaction initiation and forwarding of transaction proposal services arises. credit. In the fourth and final phase, which should start on December 15, banks will be able to offer investment, foreign exchange, private pension and insurance products to clients of other institutions. The full implementation of Open Banking in Brazil is scheduled for September 2022.
