In addition to the focus on resolving communication problems between financial institutions, the Central Bank (BC) indicated prioritizing the phase of sharing non-banking data in Open Finance, as well as a model for initiating payments that allows recurring payments and meets the needs companies.
The initiation of a payment transaction today allows the customer to make a Pix without entering the bank application where he has an account, whether in online commerce or in another financial institution that has an initiator’s license.
Questioned at the BB Digital Week event, by Banco do Brasil (BB), about when the BC will implement other means of payment in the tool, the head of the BC’s Financial System Regulation Department, João André Pereira, said that the BC is valuing before for the quality of information shared between banks in Open Finance.
Before talking about other forms of payment in the initiator, Pereira also stated that the BC needs to take the step of the fourth phase of the schedule, which is what really brings the scope of Open Finance, with sharing of insurance, investment, pension and exchange.
When initiating payments, the BC representative said that the body wants to give priority to legal entities, since the entire implementation of Open Finance was very focused on individual consumers and companies have other peculiarities, such as payment in batches and the existence of attorneys to carry out the transactions.
The BC still wants to work on the issue of initiation without redirection, that is, without having to authenticate the operation at the institution where the money will come from. Today, when you start a transaction outside the bank where the funds are going to come from, the mechanism redirects you to a screen at that institution for authentication to take place. “There are many issues involved, such as security, fraud prevention,” he said, adding, however, that it would improve the customer experience.
“In recurring payments, in the first operation, you always have to interact with the account holder, create keys. The others do not go through this stage anymore. This is new even though we are prioritizing the governance structure for discussion. Market will arrive in a model.”
With the development of a recurring payments function, Karen Machado, BB’s Open Finance executive, said that Pix will be more fluid, citing the possibility of paying the school’s monthly fee or the maid through e-Social without many steps.
Machado also evaluated that the initiation of a payment transaction increases competition and makes the game more exciting among financial institutions, since it is no longer necessary to be in the bank channel to access your account. “It makes competition for customer attention even greater.”
According to her, it is also an opportunity for banks. She mentioned that there is a higher delinquency on the credit card of non-account holders, because people forget more frequently. “If I could charge the non-account holder’s card to his bank account, imagine what would help with default. I even think that the payment initiator can replace the card.”
BB has been at the forefront in creating solutions with Open Finance, such as the possibility of making a Pix to the bank from an account at another institution via Whatsapp, something unprecedented in the world.
According to BB’s digital business and technology vice-president, Marcelo Cavalcante, the bank seeks to promote the creation of an ecosystem that encourages innovation and technology. “Our expectation is to close 2022 with a total IT investment of BRL 3.48 billion and more than 27 million users in our digital channels”, he pointed out in the midst of BB Digital Week.
Source: CNN Brasil