Belvo launches Open Finance solution in Brazil

The solution is meant to simplify the connection to end-users information through an optimised and compliant user experience. Through Belvo’s new Open Finance product, which is compliant with the guidelines from Banco Central do Brasil (BACEN), financial innovators now have a way to access end-user data according to present and future guidelines and regulations. 

By connecting through Belvo’s new solution, Open Finance regulated institutions don’t need to dedicate resources to developing their own technology in order to communicate with other institutions’ APIs. Instead, regulated players can now access always updated and standardised customer information through a single interface with high levels of safety and conversion rates.

Through Belvo, companies will also be able to consume data from institutions that are not yet under the scope of the Open Finance schema. All through a single interface that companies will be able to customise depending on which financial institutions they need to connect to. 

This is made possible through a user journey built by Belvo following Open Finance official guidelines. Companies just need to embed Belvo’s widget in their product to allow their end-users to consent to share their information. End-users will be redirected through a seamless process and have the option to consent to share selected information with the institution of their choice. 

Companies using Belvo’s Open Finance solution will receive consumer data in a consistent and standardised format, and can additionally benefit from Belvo's existing categorisation, enrichment, and data science engines. 

With access to enriched data, banks can build stronger risk models to create personalised credit offerings and consolidate all customers’ financial account data in one single platform to better understand spending habits and build more sophisticated personal financial management features.