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BB includes consortia in the Open Finance ecosystem

Wednesday 3 January 2024 10:55 CET | News

Central Bank of Brazil has introduced a new feature for their clients, allowing them to contract consortiums by debiting the value of the first instalment from accounts maintained at other financial institutions. 

 

This solution is new in Brazil and can be accessed through the BB Application. Customers will need to have the institution's app, from which the debit will be enabled, and their access passwords active to confirm the operation, all in a single journey. In addition, it manages receipts and contacts, customises due dates, interest, and discounts, tracks the status of payments and, if necessary, returns amounts in a simplified way.

BB includes consortia in the Open Finance ecosystem

 

BB Pay features

BB Pay, a solution by the Central Bank of Brazil, facilitates the payment and receipt journey for its customers and related companies by integrating the payment transaction initiation structure (ITP) into the ecosystem of Open Finance and the BB Consórcios checkout system. It was developed to be a complete and accessible solution, diversifying payment methods for users who need to pay and expanding billing options by Pix and credit cards.

Some other BB Pay’s components include, according to the central bank:

  • This app allows customers to create a safe and easy payment link to sell a product or service or share with friends when splitting bills by scanning a QR code. 
  • It doesn’t require a machine and customers can freely share their payment link via WhatsApp, social media, or email.
  • BB Pay help its users to track all receipts in one place, without the need to identify several payments spread across the account statement. Moreover, customers can add and manage contacts and track charges and payments for each contact, including those who are not Banco do Brasil customers.

As per BB’s officials, this feature aims to reinforce the bank's digital transformation and it is designed to be a complete application that provides customers with a positive experience. Moreover, the possibility of paying the instalment via Open Finance, expanded the consortium's functionalities, focusing on prioritising security in self-service. 


Central Bank of Brazil previous developments in Open Finance

Central Bank of Brazil is renowned for its expertise in Open Finance and Artificial Intelligence. It offers personalised interest rates in credit operations for corporate clients, including the agribusiness sector. Additionally, this consortium payment app is a result of several previous developments.

In September 2022, the central bank added a payment initiation service to its app, to give customers the possibility to transfer their funds via PIX from accounts of other financial institutions to BB, making it possible to process transfers from 18 banks. This Payment initiation is a tool of the third phase of Open Finance, launched in October 2021, and BB was authorised by the Central Bank to operate in this way.

A few months later, the bank announced that its customers could make transfers via PIX from other financial institutions to BB's account through the bank's WhatsApp channel. This functionality has been made possible due to payment initiation, a service also brought by the third phase of Open Finance. 

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Keywords: mobile payments, online payments, online banking, Open Finance, financial institutions
Categories: Banking & Fintech
Companies: Central Bank of Brazil
Countries: Brazil
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Banking & Fintech

Central Bank of Brazil

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