Better understand the relationship between LGPD and Open Banking
Posted: Wed Jan 22, 2025 10:10 am
Recently, with the approval of measures such as LGPD and Open Banking, Brazil's financial system is undergoing intense transformations, which began some time ago with the emergence of fintechs and digital banks, in addition to the creation and implementation of initiatives to improve transaction processes, as is the case with PIX .
However, regarding Open Banking and LGPD, it may not yet be clear what peru phone number list relationship is between these two initiatives, especially how much one will impact the implementation of the other. In this text, we have gathered the main information so that you understand each one and how they will affect the way you use your finances. Keep reading and find out more!
What is Open Banking and what are its principles?
It is characterized as an open banking system in which financial institutions access their customers' financial data from other institutions. To share this information, it is necessary to access application programming interfaces capable of creating a transmission network.
It is important to highlight that Open Banking is not a system without rules in which data is shared without the customer's consent, as their authorization is essential. In addition, it has some objectives to be implemented, which are:
encourage innovation;
increase the efficiency of the country's financial and payment system;
promote financial citizenship.
However, regarding Open Banking and LGPD, it may not yet be clear what peru phone number list relationship is between these two initiatives, especially how much one will impact the implementation of the other. In this text, we have gathered the main information so that you understand each one and how they will affect the way you use your finances. Keep reading and find out more!
What is Open Banking and what are its principles?
It is characterized as an open banking system in which financial institutions access their customers' financial data from other institutions. To share this information, it is necessary to access application programming interfaces capable of creating a transmission network.
It is important to highlight that Open Banking is not a system without rules in which data is shared without the customer's consent, as their authorization is essential. In addition, it has some objectives to be implemented, which are:
encourage innovation;
increase the efficiency of the country's financial and payment system;
promote financial citizenship.