10/26/2023 – 21:53
Individuals who want to renew data sharing with financial institutions (open finance) will no longer need to start the process over from scratch. The National Monetary Council (CMN) simplified procedures and extended the period for authorizing access to information.
Until now, the customer had to renew data sharing with financial institutions every 12 months, repeating the steps of a new authorization. Now, institutions will be able to negotiate with individual clients for terms longer than one year, maintaining the possibility for the client to cancel authorization at any time.
In a note, the Central Bank (BC) informed that the measure will bring more comfort to the customer. “With the changes brought by the resolution, the renewal process [do compartilhamento do open finance] It is simplified, simply for the person to access the environment of the institution that received their data (recipient) and confirm the desire to renew sharing”, explained the organization.
The new feature should be offered by the end of next month. “The governance structure responsible for implementing the open finance in Brazil, formed by the main market associations, will develop the technical specifications and the functionalities must be ready to be offered to the public by the end of November 2023”, explained the monetary authority.
According to the BC, the simplified renewal would initially apply to all account holders and customers. At this stage, however, the new feature will only be available to individuals. Only starting next year will legal entities have access to the initiative. The agency did not say whether this escalation is a result of the standard operation of Central Bank servers, in force since the end of June.
O open finance allows customers to share their data in a standardized way with different types of financial institutions. Based on the citizen’s history of relationships with the financial system, institutions will be able to offer better credit conditions, such as lower interest rates and longer terms for good payers.
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