A summary about the news and the possibilities of transformation of the Brazilian Financial System.
The year 2021 may go down in history as a turning point in Brazil’s financial ecosystem. The establishment of Open Banking by the Brazilian Central Bank (BCB) aims to change the way the National Financial System (NFS) works by breaking financial institutions’ monopoly on information. With Open Banking, the clients have the power and, using online processes, can share their information with authorized banks and fintechs.
Open Banking derives from the concept of open data, an understanding that data must be freely used and available to be explored by individuals or legal entities. When applied to the economic system, it means the decentralization of the financial information and sharing of data to improve product and service offerings.
Thus, the concept of possession of information has changed: data holders should own their data instead of financial institutions, in other words, the fundamental point of Open Banking is that customers fully control their data. A few data holders may authorize the flow of their data between financial institutions, and they should have mandatorily agreed with the sharing.
But which data are we talking about? The Brazilian project provides for the transfer of personal information (for example, name, CPF/CNPJ, telephone, address), transaction information (income/revenue, consumers’ profile and/or purchasing power), and used products (for example, loans, financings, insurance and/or pension).
Open Banking Possibilities
The new system allows the opening of accounts at financial institutions without the need to start the relationship from scratch. It also expands the range of offered products and enables portability. For example, clients may share their data to seek financings with more attractive interest rates and transfer their debt from one bank to another.
From the point of view of financial institutions, access to information from holders reduces risks and costs in granting financing, and it may mean a revolution in the credit market. But that is not all: Open Banking may impact the insurance, investment, credit, and exchange segments.
Financial dynamics tend to evolve from a relationship of dependence between the client and the bank to one that fits in between products from different financial institutions. It would be like a Lego piece: you pick the solutions with the best rates and conditions according to your needs. It is like having a bank account, taking a loan with another, and holding your private pension in a third one.
In response, the financial market should invest in innovations. We may see the rise of platforms for comparing products, services, and rates, similar to the current aggregators of airline tickets and hotels. It would be the beginning of marketplaces and financial solutions.
Partnerships between banks and fintech companies are also expected to become more common. Banks have extensive product portfolios but distant relationships with customers. In contrast, fintech companies are a reference in user experience but they have few product options. Through Open Banking, it shall be possible to hire products from a bank on the application of a fintech, for instance.
With the project, the BCB hopes to encourage efficiency and transparency, democratize access to financial services, as well as promoting an ecosystem of innovation and competitiveness.
Bexs has been following the changes in the Brazilian foreign exchange and payouts market for over 30 years and may help your company with our customized solutions. Click here to hire our experts.
Luiz Henrique Didier Jr. appointed Executive Director (ED) of Ebury in Brazil following acquisition which builds on the fintech’s global […]
Client inputs the details of their payment method, such as credit card number, validity date and security code, […]
Embedded finance refers to the integration of financial solutions into ecosystems that are not originally financial. It brings advantages such […]
The event held in Las Vegas on October 22-25 will gather leading global brands from the fintech ecosystem.Money 20/20 event […]
Black Friday and Singles’ Day: 5 tips for success on these commemorative retail dates! The most important retail […]
Check out the data about cross-border e-commerce in Brazil and find out how to sell products to clients in other […]
See step-by-step instructions for joining this international marketplace and taking advantage of Amazon’s consumer base to sell on cross-border ecommerce. […]
See the product categories most wanted by Brazilians and get other insights about a market that has already taken to […]
See the latest developments in simplifying international financial transactions, including cross-border remittances. Since its official launch, in November […]
The Webshoppers 47 report details e-commerce figures in Brazil, which remained stable. Of the 108.9 million consumers, 72% make cross-border […]
Learn more about the changes in foreign exchange regulations to simplify international remittances for individuals and companies. The […]
Discover Amazon Seller Central see how the tool can transform your virtual store into a cross border e-commerce via the […]
Learn about the key changes brought by the bill approved by Congress and their impacts on the Brazilian crypto market. […]
Brazil’s payment option universe is marked by exclusive options, such as Pix, and well-consolidated habits. Learn about this market’s particularities. […]
See how your cross-border e-commerce can benefit from integrating NuPay for Business into your checkout: payment via Pix and in […]
Does your e-commerce payment provider offer boletos as an option? See three situations where payment via bank payment slip becomes […]
A payment API facilitates your company’s routine and benefits customers with a wide range of payment methods. Know more! […]
Learn about Brazil’s online instant payment system, check out the latest data and see how to offer this payment option […]
See the recent data on cross-border e-commerce in Brazil and discover how to offer the payment means preferred by this […]
Check out what we know so far about international Pix. New function of instant payment method is under development and […]
Discover what Double Eleven – or Singles’ Day – is and how this special Chinese date can be an excellent […]
Discover how an online payment platform can help your operations and how easy it is to make cross-border payouts to […]
Popular in the US since the 90s, cashback has never been bigger in Brazil. Discover how this feature can benefit […]
Open Finance is an evolution of Open Banking in Brazil. Find out how the country’s open data sharing environment works. […]
More fluid FX transactions are one of the conveniences of FX as a Service. Learn more about the advances in […]
Learn more about crypto payments and how cryptocurrencies are evolving in Brazil and around the world from investment opportunity to […]
Find out more about omnichannel, methods of integrating your sales channels and the advantages for your online business. If […]
Find out how to optimize your local or cross-border e-commerce payments and what makes transparent checkout the best option for […]
Are you split between a Payment Service Provider or payment gateway for your online business? Here are 3 characteristics making […]
Find out what live commerce is, how it can boost your local or cross-border e-commerce business and what you need […]
While NFC contactless payments have been widely adopted by physical retailers, QR Code payments are a local and cross-border e-commerce […]
Learn about chargebacks, how they can impact your e-commerce business and how to minimize payment reversals. The overall […]
Find out how to increase data security using antifraud solutions for online payments. Trust is a critical factor […]
Discover new online payment options and check out the data on Brazil’s Open Banking The last of Brazil’s […]
Credit in purchases, which have been very popular in Brazil for quite a while, are also a recent trend in […]
Find out what a payment service provider can do for your business and what to consider when choosing a solution […]
Discover what PCI Compliance/DSS is and why is it important for e-commerce. PCI Compliance, PCI DSS or Payment […]
Check out key data on Brazil’s e-commerce and Black Friday, as well as insights on how to achieve this market […]
Find out what social commerce is and how this channel can help your business grow. After social isolation […]
Check out some reasons to adopt payment links when billing products or services The e-commerce market is the […]
See how the money transfer through message application works and WhatsApp Pay impact on Brazilian payments. Since May […]
Check out what is already known about Digital Real and the possible impacts of digital currency in Brazil Digital […]
Find out the difference between recurring and installment payments and which of these payment methods is right for your business. […]
Do your e-commerce customers back out when it’s time to pay? Understand how to get around that behavior. […]
Welcome to the Chinese new year 4719, ruled by ox and the metal element. Understand more about this date and […]
Even with the pandemic and the exchange rate fluctuation, online shopping from China is a growing trend that will continue […]
We explain payment gateways and payment providers (PSPs) to help you choose the best e-commerce option. Payment […]
Record digitization and a thriving innovation ecosystem. Understand the reasons for placing the region, and especially Brazil, in your expansion […]
The already growing demand increased with the pandemic, but the bottlenecks in payments for software impact the daily life of […]
Understand what pix is, how it came up and what is its impact in the future Brazilian payment market.
Double Eleven is celebrated in China, breaking sales records every year, and is now consolidating expansion to Brazil.
Partnership between Bexs and PayMyTuition optimizes payments for foreign courses, expanding access for Brazilians.
See data research on the unbanked in Brazil and find out how digital payment technologies have streamlined access to financial […]
Learn more about this trend from the United States that has become one of the biggest shopping dates in Brazil, […]
The partnership between the company and Bexs Bank demonstrates the importance of adapting to the market with growing demand for […]
How the coronavirus outbreak has accelerated the digital revolution in education globally and the barriers to consolidating this learning tool.
See the latest Webshoppers 41 figures from eBit|Nielsen, which is the largest survey of online sales in Brazil.
Our CEO, Luiz Henrique Didier Jr., presented on The Paypers some articles about payment industry and solutions, on the particularities […]
Bexs Bank brings insights about this segment that transformed cultures around the world, posts double-digit annual growth and shows highly […]
The barriers in companies for transactions involving forex hinder internal processes and the productivity of areas.
Learn more about installments, an unique method commonly adopted by Brazilians to purchase a wide range of goods and services.
Learn more about the subscription business model that is changing consumption patterns and remaking the economy.
Learn more about the importance of APIs to international business strategies and cross-border payment processing.
Brazilians are gaining more access to various products from Chinese online merchants thanks to easier payment and delivery process.
Bank slip is a payment method that is part of the daily life of millions of Brazilians. Find out all […]
Brazilian consumers are increasingly engaged in buying various products at competitive prices from international websites, despite the logistics and customs […]
The e-commerce market in Brazil is huge, but companies aiming to operate in the country must understand peculiarities regarding buying […]
In the world of payments, each country has its particularities. Brazil is no exception.