Starting this week, account holders can request credit portability via open finance, with the transfer of loans between financial institutions in a completely digital way, directly through the banks’ applications. Launched days after open finance completed five years, the novelty marks a new step in increasing competition in the credit market.
Outside the open finance environment, credit portability usually takes 20 to 25 days. With the new functionality, consumers gain more agility, transparency and power of choice when renegotiating their loans.
At this initial stage, the service is only available for personal credit operations without consignment, known as “clean” credit. The expectation is that, gradually, other modalities will be incorporated into the system, expanding the scope of functionality.
In a press conference held this Tuesday (3), the executive president of the Open Finance Brasil Association, Ana Carla Abrão, classified the launch as a milestone for the financial ecosystem. According to her, the objective is to make the market more transparent, comparable and accessible to consumers.
“The idea is to reach real estate credit, that is, to cover the market in a very broad way from the point of view of portability”, explained Abrão.
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According to the current schedule, INSS payroll portability should come into operation from November 2026.
Launched on February 1, 2021, open finance is the system that allows the standardized and secure sharing of financial data between institutions, always with the customer’s consent. Created by the Central Bank (BC), the model expanded the old open banking by including not only banking data, but also credit, investment, insurance and pension information.
Interest reduction
The exchange of data provided by open finance aims to increase competition, improve offers and give consumers more control over their financial life.
According to Ana Carla Abrão, the tool has room to reduce interest, especially in unsecured credit (without assets used to cover possible defaults).
Currently, unsecured credit has a wide variation in rates, with interest ranging from 4% to 20% per month. With standardized offers, the president of the Open Finance Brasil Association says that the client can clearly see the savings in installments and the total cost of the contract.
Open finance already has around 100 million unique active consents, the equivalent of around 30 million people with at least one connected account. For the association, portability tends to further boost the use of the system and stimulate competition between financial institutions.
How to request credit portability in open finance
- Access the application of the bank you want to take the loan to;
- Enter the credit menu and authorize data sharing via open finance;
- View the eligible contracts, which at this stage are only for personal credit without consignment;
- Compare the conditions of the current contract with the new offer, including term, installment amounts and total cost;
- Download and read the contract, if desired, before making your decision;
- Accept the proposal and sign digitally, using the method adopted by the institution (token, SMS, biometrics, among others);
- Wait for completion, which can take up to five business days, three days for any counter-offer from the original bank and two days for settlement.
