HomeNEWSOpen Banking Platform makes it easier to settle financing and loans

Open Banking Platform makes it easier to settle financing and loans

As of this Friday, the 29th, the Open Banking platform enters its third phase and starts to facilitate even more the so-called “credit portability”, in which the customer of a bank can request loans and financing from other financial institutions with more advantages and without having to open another bank account.

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What this article covers:

What is Open Banking

The Open Banking platform, in Portuguese “open financial system”, is an initiative of the central bank to boost competitiveness among financial institutions and promote more advantages for customers, who will be able to choose the bank that offers the best benefits, more easily.

In Open Banking, the financial information of a bank customer can be shared with the other banks that are part of the platform, always with the prior consent of the consumer, who can choose which institutions he wants to share his data with, and from there receive proposals for loans and financing with more advantageous rates.

As a result, the banks that are part of Open Banking will be competing for customers and, for that, they will have to invest in improving their products and services, and in the lowest possible rates. Open Banking is a secure platform and all data will only be shared with customer authorization.

How can it help in resolving debts?

At Open Banking, it will be possible to compare advantages, such as means of payment and interest rates, and choose the institution that offers the lowest interest rates, which makes it easier when paying off a debt. Credit portability, which is the possibility of transferring your credit to another bank that has lower rates, already exists.

However, on the platform, this service will be facilitated, as your data can be shared among all participating banks and institutions, or just among those you choose to share. At Open Banking, you can find institutions such as Banco do Brasil, Banco Santander, Bradesco, even fintechs such as Nubank, Next, Picpay, etc.

To start sharing your data on Open Banking, you must express your interest in joining the platform through digital channels such as the internet banking of the financial institution you are registered with, if it is part of the list of institutions participating in the platform.

In summary, the Open Banking platform is an excellent option for those who want to look for other bank loan or financing alternatives, with better service and paying the lowest possible interest rates. The platform is secure, and your data will only be shared with your permission.

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