Open Finance
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October 9, 2020

The Path to Open Banking and Open Finance

Leticia Trevisan
Content Creator

Open Finance is a great opportunity to leverage your business, but nobody ”teaches you the ropes” of how to make it feasible. With that in mind, we put together some steps for your business to make the best of these regulations and generate revenue.

In this post, we will talk more about the opportunities of Open Banking and Open Finance, and what are the next steps for your business.

How to adapt to Open Finance?

First step to Open Banking

BACEN regulations provide for some requirements so that data on customer service channels, products and services, customer registration and customer transactions are shared with the consumer’s consent and in a secure manner, thus the first stage to consider about Open Finance is looking at the Brazilian LGPD regulations.

In this context, due to various legal aspects of the LGPD regulation, having adequate data governance is essential to avoid the risk of data leakage and to enable new business models.

APIs in the Open Finance scenario

The APIs are part of the second stage of this journey. They are strategic elements that will enable sharing information and data in a safe, optimized way and with a better connection with partners and customers. It is essential to see APIs as part of the business strategy.

“APIs have always been stuck to the framework of companies’ software architecture. Over the years, the market has realized that they are fundamental for enabling new business models”. Fábio Rosato, Director of Solutions at Sensedia.

Once your APIs are exposed, integrating with partners, you need to manage these APIs to ensure that everything is connected in the right place and securely.

“Open Banking is a regulatory issue. When brought and integrated into Bank as a Service (BaaS) products, you really apply the concept of open finance. This is where you can transform open banking into value”. Ferrés

Data security is the most important right now

Security is a sensitive item and governance is essential since the risks are very high. In this context, it is necessary to ensure that security practices are implemented in all system interfaces.

Nowadays, only the banks with which we have accounts have our financial information, but once it can be shared, we need to be able to monitor and track it. There are countless risks that go through legal, regulatory, compliance and security issues.

The Sensedia platform promotes the integration and guarantees security and governance for APIS, with proper monitoring, reducing the risks of attacks and allowing a quick response to the gaps found.

In addition, it speeds up the IT team by removing complexity in applications, allowing teams of developers to focus on the code that generates innovation for the business.

A platform that supports even Open Finance

We teamed up with Teros Pricing to offer the market a solution to meet the requirements of open banking – the system for sharing banking information that will be implemented in November in Brazil – and go beyond regulation.

The partnership arose from the realization that the implementation of an Open Banking strategy needs to involve technical and business teams to ensure success, combining APIs with a business model for Open Banking or “Open Finance”.

We believe that APIs should expand the distribution of financial products, being incorporated into the daily lives of companies.

Our solution will bring communication standards so that companies can integrate, as well as offer new products and make their data available safely, access other systems and foster management that minimizes the risk of information exchange, always in accordance with LGPD.

The proposal is to conduct the governance of Open Finance through a series of microservices that complement Sensedia’s API display technology, driving data integration into day-to-day business also with non-financial companies.

Thanks for reading!