Open Finance in Brazil celebrates its 3rd year, competing with Pix.

TLDR:

Key Points:

• Open Finance in Brazil turned three years old this month and has seen significant growth in investments and user adoption.
• Open Finance aims to revolutionize financial services by enabling customers to share their financial information among authorized institutions.

In Brazil, Open Finance has reached over 42 million consents, with 1.5 billion weekly API calls, making it the largest system of its kind in the world. However, it is not as popular as Pix, the central bank’s instant payment tool. Unlike Pix, Open Finance is an infrastructure that enables the development of services through data sharing, making its benefits less tangible to the average consumer.

Experts believe that 2024 will be a turning point for Open Finance in Brazil, especially with the integration of new products and services with Pix. This integration could drive significant growth and innovation in the financial sector, with potential benefits for credit accessibility and risk assessment processes.

Neobank Inter has reached 30 million customers amidst fierce competition in Brazil’s financial market. Open Finance, combined with Pix, is expected to drive further innovation and efficiency in the sector, with the potential to transform the financial landscape in the country.