Open Finance: Brazil´s Central Bank receives international award

About three months after its launch, the Brazilian Open Finance won the 2022 international Central Banking Awards, Brazil´s Central Bank informed.

Through the Open Finance system, customers authorize the sharing of their financial data in a standardized way with different types of financial institutions. Based on this information, institutions are able to offer better credit conditions, such as lower interest rates and longer terms for good payers.

Open Finance was launched in March and it is the next step towards the Open Banking system, which allowed data sharing only between traditional banking products. With Open Finance, it will be possible to exchange information between other financial services, such as accreditation, foreign exchange, investments, insurance, and pensions.

The award has been granted at a time when the development of new projects by the Central Bank is suspended because of the employees´ strike.

Projects such as the second phase of consultations on withdrawals of forgotten values have been put on hold. The disclosure of statistics, such as the Focus Bulletin (weekly survey with financial institutions), the exchange flow, the Savings Report and the daily Ptax rate (average exchange rate that serves as a reference for some negotiations), has been suspended or is released with a delay.