PicPay's new Open Finance feature simplifies salary portability

This feature allows them to choose the institution that best meets their financial needs without requiring additional information like the employer’s CNPJ.

The new system enables users to transfer their salary to PicPay quickly and effortlessly. For those who have granted active consent, the transfer can be completed with three clicks.

In addition to simplifying the portability process, PicPay offers different benefits for users who choose this option, including:

• Yield of 105% of the CDI;

• Annual fee waiver for Black and Platinum cards;

• Enhanced credit analysis;

• Access to exclusive campaigns.

This initiative is part of PicPay’s broader efforts to innovate within the Open Finance framework. The company also offers tools like the ‘Account of Accounts’ for consolidating bank accounts, and has been a pioneer in integrating Pix payments directly with Google Wallet.

Regulatory impact on Open Finance

In Brazil, the regulatory landscape for Open Finance and salary portability is evolving, with the Central Bank (BC) playing a pivotal role. Since 2021, the BC has been rolling out the Open Banking system, which has expanded into Open Finance. This framework aims to improve transparency and competition in the financial sector by allowing institutions to securely and share data with customer consent.

Salary portability is a key feature within the Open Finance initiative, designed to simplify the process of transferring salaries between different financial institutions. The Central Bank has established specific guidelines to ensure that salary portability is conducted securely, addressing operational hurdles that previously discouraged adoption among workers. These regulations are intended to improve user experience and boost the uptake of these new functionalities.

Moreover, the BC's regulatory agenda emphasises financial inclusion and technological innovation. By promoting Open Finance and salary portability, the Central Bank seeks to advance these goals, fostering a more competitive financial environment and providing consumers with greater control and flexibility in managing their financial lives.