Central Bank receives international award for open finance

About three months after launch, the open finance Brazilian was awarded internationally, announced tonight (14) by the Central Bank (BC). Through the social network Twitter, the BC reported that the initiative won the 2022 Central Banking Awards.

BC INITIATIVE AWARDED: BC’s Open Finance project won the international Central Banking Awards! Open Finance transforms the financial system by bringing more competitiveness, efficiency and inclusion.@CentralBanking_

Know more: https://t.co/fdfR40pGt0 pic.twitter.com/OwxN0L1nTx

— Central Bank BR (@BancoCentralBR) June 14, 2022

O open finance provides that the customer authorizes the sharing of their data in a standardized way with different types of financial institutions. Based on the history of the citizen’s relationship with the financial system, institutions will be able to offer better credit conditions, such as lower interest rates and longer terms for good payers.

Released at the end of March O open finance will act as an extension of the open banking, which allowed data sharing only between traditional banking products. With open finance, it will be possible to exchange information between other financial services, such as accreditation, foreign exchange, investments, insurance and pensions.

The award takes place at a time when the development of new projects by the Central Bank is suspended because of the strike by the agency’s employees. In assembly today, the category decided to keep the movement indefinitely.

In addition to open finance, projects such as the second phase of consultations on withdrawals of forgotten values, are at a standstill. The dissemination of statistics, such as the Focus bulletin (weekly survey with financial institutions), the exchange flow, the Savings Report and the daily Ptax rate (average exchange rate that serves as a reference for some negotiations), has been suspended or occurs with considerable delay.