BC will launch a tool similar to Open Finance for rural credit in May

The Collegiate Board of the Central Bank (BC) approved this Tuesday (22) a new resolution that will allow the sharing of data on rural credit operations with interested third parties.

In a similar way to that proposed by the Open Finance tool, sharing will only be possible with the authorization of the credit beneficiary customers. The new instrument will be available on May 2.

According to the BC, the objective is to expand the sources of financial resources for rural producers, as well as improve the financial products and services available and reduce the asymmetry of information in this segment.

“The sharing of information will be operated directly by the BCB in the very system for the registration of rural credit operations (SICOR), through the registration of rural credit beneficiaries (holders) and third parties interested (consultants) in accessing data from operations of this modality” , explains the monetary authority.

With the measure, the BC hopes that both the financial system and other funding providers, such as the capital market, will offer more favorable conditions and adequate to the needs of rural producers. The information shared must be related, in most cases, to the profile of the producer and his activities.

“This greater transparency can contribute to the offer of credit in better conditions for rural producers, according to the effective risk of their operations, and for the insertion of the producer in new markets”, adds a note from the Central Bank.

The information may also be used by rating agencies, audits, certifiers and other entities for a similar purpose.