Last year, Brazil underwent the implementation of a data integration system between institutions: Open Banking. The project was worked on in four phases that took place in a staggered manner over this period. With the implementation of the last phase at the end of this year, the country expands the possibilities for personalization in the provision of digital services through institutions. The project, which is already the largest in the world according to the director of the Central Bank of Brazil, evolved faster than expected in past phases and tends to bring results to consumers in the second half of 2022.
Fourth Phase and the open finance
The fourth and final phase of the project, which should take place by March of next year, will prepare the ground and evolve the process into a process that will now be known as opening finance. Open finance will expand data sharing to other sectors such as insurance, investment brokers, foreign exchange and pensions, increasing opportunities to create more customized services for clients.
Impacts on investments
In addition to the facilitation of data portability and greater competition among credit-bearing companies, another sector that will benefit will be investments. The democratization of financial services will facilitate the data analysis process and the decentralization of asset management. In return, a large investment is expected from the market: in innovative platforms that allow easy visualization of financial products and services, in the style of marketplaces that we are already used to. The BCB is also studying the implementation of a digital currency, in the form of cryptocurrencies, a milestone that could also expand international economic relations. This is just a step for the overall picture to take the expected shape, but there is a lot of anxiety when taking as a basis processes of the opening of data sharing in pioneer countries, such as England and Australia, and seeing the positive results for the economic expansion. Technology has changed the way we communicate, the way we work, and it has also changed the way we take care of our money. FacilitaPay works with a payment ecosystem fully integrated with its customers and is each day more prepared to contribute positively to the changes that innovations in the national and international financial system are bringing.