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+--- Thread: What is it and how does it work? (/showthread.php?tid=517219)
What is it and how does it work? - biplob740 - 08-31-2023
Have you heard about Open Banking ? This new configuration promises to make the financial system more transparent and competitive, impacting mainly traditional banks, but giving more freedom to customers.
This is because Open Banking promises to give consumers greater autonomy to take their financial information wherever they want. As? Let's explain:
What is Open Banking?
Is Open Banking safe?
How does the Open Banking API work?
Open Banking in Brazil
Benefits of Open Banking
Disadvantages for large financial institutions
What is Open Banking?
Open Banking, or open financial system, is a new financial technology that brings freedom and control over your financial data. The idea is that you, the Mobile Number Database consumer, have more options available to manage and move your money, without depending on bank bureaucracies.
This format suggests that banking institutions provide consumers' financial data, in a secure and standardized way, so that they can be shared between online organizations, authorized by the Central Bank, and create new digital services that facilitate financial operations.
Is Open Banking safe?
Yes. Totally safe. The protection for the movement of this financial data is ensured by API technology (Application Programming Interface or, in Portuguese, Application Programming Interfaces).
Learn more about API technology below:
How does the Open Banking API work?
APIs are standardized codes that serve as facilitating bridges for the exchange of information between systems to happen, even if they have different programming languages.
Do you know when you use delivery apps and can see the map of where the restaurant is and follow the delivery person? This map is usually a Google Maps API. Google lends your map code to other companies to include on their websites or applications.
This technology is trustworthy and the law requires account providers to use customer authentication before releasing any data.
In addition to security, the APIs, through the transmission of data, allow the expansion of the offer of products and services, making this sector more competitive. Different from the financial model that exists today – centered and closed.
It is worth remembering that the person who will authorize this sharing of data is the customer himself , who must provide approval to carry out any transaction. That is, they will have greater control over their own data.
Many countries are already targeting or are already advanced in the process of implementing Open Banking, such as the United States, the United Kingdom, the European Union and now, Brazil.
Control your company's financial data with vhsys.
Open Banking in Brazil
The statement, about the implementation of Open Banking in Brazil, was made by the Central Bank on April 24, 2019, which promises to increase efficiency and competition in the National Financial System, opening space for new companies in the sector to operate.
In Communiqué 33,455 , it is possible to check the main guidelines that will guide the proposed regulation of the model to be adopted.
Today, in Brazil, you don't see many banks in this new reality, as we still face a lot of resistance from the big financial institutions. However, with the opening of APIs to the world, other companies will automatically relate to customers, taking financial institutions out of the spotlight.
For the success of Open Banking in Brazil, financial institutions must understand that the opening of APIs will bring the most differentiated benefits to the population, with banks providing these new facilities.
![[Image: Phone-List.jpg]](http://phonelead.club/wp-content/uploads/2023/08/Phone-List.jpg)
Benefits of Open Banking
This is just the beginning of a program designed to open up and give people control of banking data, but what few know is that it could transform the way we move and use money.
Check out some of the advantages of this new financial system configuration:
money management
Anyone who has had or has an account at two different banks knows that to keep track of the information, it is necessary to access each of the accounts.
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