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Open Finance will save Brazilians money and time, according to Itaú executive

Open Finance or open financial system is the possibility for bank customers to allow the sharing of their information between different institutions authorized by the Central Bank. The project seeks to facilitate access to information for users.

For Marcos Alexandre Pina Cavagnoli, digital director of cash management and Open Finance at Itaú Unibanco, the new option will save Brazilians time and money. He then understands how the new tool works.

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Open Finance in Brazil

Cavagnoli spoke about Open Finance at South Summit Brasil, a technology and innovation event that started on the 4th and ended on the 6th of May, in Porto Alegre (RS). As an example of the usefulness of the service, the executive gave two examples.

First, the customer who authorizes the sharing of information through Open Finance will be able to see the balance of accounts he has at other institutions in the bank’s application, something like collective access through a single account.

In addition, if the customer has loans from different banks, he will also be able to see the total amount. For the Itaú executive, this novelty will facilitate the financial organization of Brazilians, especially those who have more than one active bank account.

Is Open Finance safe?

In addition to following some important guidelines of the LGPD (Data Protection Law), institutions must comply with the standards for implementing cybersecurity to participate in Open Finance.

In addition, any problems caused by practices not foreseen within the project guidelines will be strictly punished by the Central Bank and those involved will be held accountable.

What does Open Finance show?

Check out some of the information that can be shared by the project:

  • Bank statement;
  • loans;
  • Investment products;
  • pension;
  • insurance;
  • Exchange.

In addition to simplifying the customer’s financial life, another objective of Open Finance is to open up more possibilities for offering credit. The option is now available in all traditional banks and access permission can be canceled at any time.

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Image: THICHA SATAPITANON / Shutterstock.com

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