By Marcelo Gomez
Open Finance has been considered a major revolution in the market. This type of operation will bring advantages to companies, which will be able to improve their financial management based on new possibilities of control and visibility of solutions.
In fact, Open Finance has broadened the concept of Open Banking, including more financial institutions in the system. The Central Bank of Brazil started to use with this broader title, as most of its projects are outside the traditional banking model.
Institutions will only be allowed to share data from clients who have actively requested sharing after three steps:
All participating institutions must ensure that sharing can be terminated at any moment.
The process is carried out in a digital environment with several security layers, under supervision of the Central Bank.
Only authorized institutions can participate, and these already have a number of security policies for financial operations.
There are also strict cybersecurity rules specific to Open Finance, as well as defined criteria for the accountability of institutions and their leaders.
Divided into several stages, implementation is ongoing and is being carried out gradually.
It began in February 2021, with participating institutions providing the public with information about service channels, products and services.
Since August, sharing of registration and transactional data on traditional banking services (accounts, credit and payments) has been ongoing.
Attentive to the implementation of new technologies, Domingues e Pinho Contadores advises businesses on operational and strategic challenges in the financial area.
DPC's Financial Outsourcing team assists companies in managing accounts payable/receivable, reconciling accounts, managing applications, closing foreign exchange transactions, managing cash flow, among other activities. Count on this support: dpc@dpc.com.br.
Marcelo Gomez, CFO and COO at Domingues e Pinho Contadores
Domingues e Pinho Contadores has a specialized team ready to assist your company.
Contact us by email at dpc@dpc.com.br
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