(MENAFN- Brazil-Arab News Agency (ANBA))
Brasília – About three months after the launch, the Brazilian Open Finance was awarded internationally, the Brazilian Central Bank (BC) announced on Tuesday (14). Through the social network Twitter, the BC informed that the initiative won the Central Banking Awards 2022 .
Open finance allows customers to authorize sharing their data in a standardized way with several types of financial institutions. Based on the citizen's relationship history with the financial system, institutions can offer better credit conditions, such as lower interest rates and longer terms for good payers.
Launched at the end of March, open finance will work as an extension of open banking , which allowed data sharing only between traditional banking products. With open finance, exchanging information between other financial services, such as accreditation, foreign exchange, investments, insurance, and pension plans, will be possible.
The award comes at a time when the development of new projects by the BC is suspended because of the strike by BC employees.
Translated by Guilherme Miranda
Agência Brasil
The post Brazil's Central Bank awarded for open finance appeared first on Agência de Notícias Brasil-Árabe .
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