Nubank released a public letter, prepared by a group of engineers from fintech, defending three essential pillars for Brazilian open banking: competition, customer autonomy and information security. According to the company, some processes need to be simple and efficient, such as authorization or denial of customers to access their data, security protocols and communication between institutions.
“It is important that, in this phase of self-regulation, all companies and associations understand that the technical definitions will determine the degree of success of open banking in Brazil”, says in the letter Cristina Junqueira, co-founder of Nubank.
Nubank's proposal highlights that it is preferable to have safety mechanisms designed from the start, rather than a construction that will be plugged into the system later, as was done in the United Kingdom. The idea is to reduce complexity when adopting security mechanisms and to do so in an integrated manner.
The document proposes that the communication pattern between institutions be designed in such a way as to have low computational cost in the exchange of messages between institutions. According to Nubank, this is important to guarantee competition, increase the entry of participants and not generate new costs.
Open banking will be implemented in four phases in Brazil. The first stage, which should come into force in November, provides for the communication of data on service channels, products and services offered by the institutions.
The entire communication process between participating institutions, which includes a flow of registration and transactional data, is expected to be completed by October 2021, when all phases are in place. And it should cover several products such as accounts, investments and even insurance.
Nubank released a public letter, prepared by a group of engineers from fintech, defending three essential pillars for Brazilian open banking: competition, customer autonomy and information security. According to the company, some processes need to be simple and efficient, such as authorization or denial of customers to access their data, security protocols and communication between institutions.
“It is important that, in this phase of self-regulation, all companies and associations understand that the technical definitions will determine the degree of success of open banking in Brazil”, says in the letter Cristina Junqueira, co-founder of Nubank.
Nubank's proposal highlights that it is preferable to have safety mechanisms designed from the start, rather than a construction that will be plugged into the system later, as was done in the United Kingdom. The idea is to reduce complexity when adopting security mechanisms and to do so in an integrated manner.
The document proposes that the communication pattern between institutions be designed in such a way as to have low computational cost in the exchange of messages between institutions. According to Nubank, this is important to guarantee competition, increase the entry of participants and not generate new costs.
Open banking will be implemented in four phases in Brazil. The first stage, which should come into force in November, provides for the communication of data on service channels, products and services offered by the institutions.
The entire communication process between participating institutions, which includes a flow of registration and transactional data, is expected to be completed by October 2021, when all phases are in place. And it should cover several products such as accounts, investments and even insurance.
Nubank released a public letter, prepared by a group of engineers from fintech, defending three essential pillars for Brazilian open banking: competition, customer autonomy and information security. According to the company, some processes need to be simple and efficient, such as authorization or denial of customers to access their data, security protocols and communication between institutions.
“It is important that, in this phase of self-regulation, all companies and associations understand that the technical definitions will determine the degree of success of open banking in Brazil”, says in the letter Cristina Junqueira, co-founder of Nubank.
Nubank's proposal highlights that it is preferable to have safety mechanisms designed from the start, rather than a construction that will be plugged into the system later, as was done in the United Kingdom. The idea is to reduce complexity when adopting security mechanisms and to do so in an integrated manner.
The document proposes that the communication pattern between institutions be designed in such a way as to have low computational cost in the exchange of messages between institutions. According to Nubank, this is important to guarantee competition, increase the entry of participants and not generate new costs.
Open banking will be implemented in four phases in Brazil. The first stage, which should come into force in November, provides for the communication of data on service channels, products and services offered by the institutions.
The entire communication process between participating institutions, which includes a flow of registration and transactional data, is expected to be completed by October 2021, when all phases are in place. And it should cover several products such as accounts, investments and even insurance.
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