Open Banking is already put into implementation. Countries apply it as part of their broader agenda aimed at modernizing their national financial ecosystems. This article is about this new trend and its implementation in Brazil and the U.S. Also, it’s about reliable and affordable merchant processing services from a reputable provider.
Open Banking in Brazil
What’s open banking? It encourages innovation and is aimed at increasing the value to customers with new products/services, thus making the digital transformation of the financial market faster. Backed by application programming interfaces (APIs), open banking allows for deeper integration.
Open banking can be viewed as a movement that’s not limited to certain countries: it’s a global phenomenon that can eventually change how businesses are run. As for open banking in Brazil, it helps with increased market competition and makes the country more financially educated.
The APIs used by this model allows 3rd-party developers to create applications and services around financial institutions and don’t allow for sharing consumer data without their consent. So, open banking grants banks and other financial institutions (FIs) an opportunity to share consumer data with 3rd parties, including competitors, with the data tied into apps and new products/services.
Open Banking in the U.S.
Globally, regulations are undergoing changes and frameworks are taking a new shape. In today’s reality, money goes on supporting various open banking product launches and partnerships worldwide. Let’s take the U.S., for example. Here, this trend is getting more popular and widespread.
Now, it’s more crucial than ever to follow the developments and shifts in payments and work only with a true payment expert in your field. Otherwise, you won’t be able to overcome the financial hurdles caused by this challenging period that’s put people and businesses in an unprecedented situation worldwide.
eMerchantBroker.com is such a company. EMB is voted the top high-risk processor in the U.S. and carries an A+ rating with the BBB. One of the things clients most like about EMB is that eMerchantBroker.com studies each specific case to offer the most suitable solution for it. With EMB, you can be sure to enjoy fast and hassle-free access to the safest, most advanced, and cheapest merchant processing services, as well as get help with open banking in Brazil and the U.S.
Be aware that in the U.S., the Consumer Financial Protection Bureau (CFPB) is working on rules concerning the determination and standardization of data that parties can share.
To wrap things up, open banking is about sharing consumer financial information through APIs with 3rd parties, aiming to develop new apps and services. This new technology has the potential to serve as a key differentiator for banks focused on leveraging data for their growth.