Pay a coffee per pix without the need to open the bank’s app, bringing your phone closer to the machine. The operation today may seem common, but the Pix by approximationlaunched in February, required not only the development of technologies. The PIX account association with the virtual portfolio of the mobile phone involved reliable exchange of information between trade, banks and the machine administrator.
Data sharing between financial institutions of all types is the central concept behind the Open Financewhich turned five last week. In all cases, it is up to the user to authorize the use of personal information by third parties and can cancel it when they want. All regulated by the General Data Protection Law (LGPD).
THE Open Finance It is more present in the account holder’s life than it appears. The system was essential for the development of Automatic pixlaunched in June, modality that will replace the bank slip. To authorize periodic collection by companies, it is enough for the account holder to enter the bank’s application once and consent to access to their financial data.
The same is true of consultation with accounts of accounts in various institutions in the same screen. Or with the offer of credit operations with lower interest to good payers, with the Open Finance increasing the approval rate of credit borrowers by up to 30%. Since April 2023, institutions can share data on investments, exchange, insurance, private pension, capitalization and accreditation.
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Obstacles
According to the Association of Payment Transaction Initiators (Init), the expansion of the Open Finance faces two main bottlenecks. The first is the increase in the success of the payment rate of payments. Currently, according to the entity, from 50% to 60% of operations done by the Open Finance do not present errors.
“The challenge is to raise this rate to 99.5%, as with credit and debit cards,” says Gustavo Lino, Init’s executive director.
Despite error problems or transactions that cannot be completed, Lino says the Open Finance It has been safer than bank card transactions.
“The security of transactions in Open Finance It’s excellent. The cases of fraud and blows are tiny, ”he says.
Lino quotes the pix for approach, where the customer can check, on the mobile screen, the value entered by the merchant before approaching the device. In credit and debit cards by approximation, the amount needs to be checked in the establishment’s machine.
Payment starters are companies authorized by the BC to start transactions without holding resources from the accounts involved. They facilitate communication between financial institutions and enable users to make payments and transfers without directly accessing the financial institution’s application.
Legal entities
Another bottleneck is in the adhesion of companies to data sharing. According to the Open Finance Brazil Association (AOF), a private entity that brings together the types of companies in the sector and participates in discussions with the BC, there were 40.8 million consent from individuals as receivers and 37.6 million as data transmitters. Each individual can make more than one consent.
Among the legal entities, the number is much lower: 403,200 consent of companies as data receivers and 406,700 as transmitters. According to Init’s CEO, Jonatas Giovinazzo, the obstacles to the adhesion of companies to Open Finance They are bureaucratic and technological.
“There are companies with more than 200 bank accounts and two or three machines on each branch. Payments need to be identified by Open Finance just as in internet banking [site do banco] to be launched into accounting. There is also a discussion about which day, transactions should be launched on weekends and whether consent should be given by employees or members of the company, ”explains Giovinazzo.
Pix in lots
Last week, Init attended the Open Finance Association meeting in the Central Bank, which celebrated the five years of data sharing and discussed system improvements. One of the discussions is the processing of companies’ pix in lots that add several bank accounts to facilitate the adhesion of medium and large companies.
“For security reasons, financial institutions lock PIX when there are several transactions per second, as with large companies. Lots processing would help to overcome this bottleneck,” says Giovinazzo.
Despite the obstacles, Gustavo Lino highlights the advantages of joining companies to Open Finance.
“For the small and medium company, this system comes at a good time. Because they gain bargaining power for bank credit and diminish the difficulties of offering guarantees. In the future, most of the financial volume of Open Finance It will come from legal entities that move more resources than individuals, ”he says.
News
In February 2026, the Central Bank intends to take a step further and launch the credit portability through the Open Financewith the account holder using data sharing to transfer credit operations between banks.
If there is no delays, portability will be extended to payroll loans. Currently, the portability of this type of credit It is only possible in the case of private initiative workers through the bank’s own application and, until November, will be available in the Digital Work Card app. With the Open Financethe process can be done outside the worker credit platform.
