“Open banking” is an increasingly familiar term in major global markets but has yet to break any real ground in Brazil. This, however, could be about to change. Last week, the Central Bank issued a list of guidelines to implement an open banking system in Brazil, which could spell good news for the country’s consumers.
The concept of “open banking” is built upon the use of open application programming interfaces (APIs) containing customers’ banking data, which can then be used by third-party developers to create platforms to help manage finances or carry out specific services.
Currently, in Brazil, citizens may have open accounts in multiple banks and use individual mobile applications to manage each one. With the introduction of open banking, all of this data could be accessed and organized by one third-party application, which could, in theory, provide assistance in budgeting, paying bills, or making investments.
Worldwide, one of the best examples of an open banking application...
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