Open Finance Brazil: Who Qualifies and What You Get
Learn how to share your financial data across different banks to access better credit and investment offers in Brazil.
Open Finance Brazil allows you to securely share your financial information between different banks and institutions. This system helps you use your existing financial history to find better deals on loans, credit, and investments.
Who it's for
This scheme is available to any customer of a bank.
What you get
By participating, you gain the ability to share your financial data across different institutions. This allows other companies to see your history so they can provide you with more personalized credit options or better investment offers tailored to your specific needs.
What it costs you
There is no monetary cost to use this service. However, it does require your active participation and time to manage your settings. You must provide explicit consent within your banking applications to allow the data sharing to happen.
The catch to know
While you have full control over your information, many people forget to manage their permissions once they have set them up. You can revoke your consent and stop the data sharing at any time through your banking app if you no longer wish to participate.
How to apply
- Open the mobile application of your current bank.
- Locate the section regarding data sharing or privacy settings.
- Select the institution or service you want to share your data with.
- Confirm your consent to allow the information to be transferred.
For more details, visit the official portal: https://www.bcb.gov.br/estabilidadefinanceira/openfinance