Banco do Brasil (BB) customers are the first to be able to transfer money from other financial institutions without leaving the bank’s application. The service of initiation of payments via PIX for those who are going to make this type of transfer started this week.
According to BB, the institution “was the first large bank to be authorized to operate as an ITP institution (initiator of payment transactions) and is also the first bank to offer this possibility associated with another service”.
The operation can be carried out through “Minhas Finanças Multibancos”, which allows users who have shared data with BB via Open Finance to consult account statements at any bank. The first phase of this tool allows the transfer of resources to 18 financial institutions.
The application user must access, in the Open Finance menu, the transaction “Receive and transfer from other institutions”. It is also possible to access the option directly in the Minha Finanças solution, in the “Multibanco statement”. In this space, he identifies if he has a balance in an account at another bank and activates the transfer option to Banco do Brasil.
Adherence to Open Finance is done through the bank’s own application. Prior opt-in to data sharing, however, is not a prerequisite for using the payment initiator. Authorization takes place during the transfer process, through client authentication and confirmation.
