“Building your own bank will be possible” – Brazil’s Central Bank director on Open Banking

Otávio Damaso took part in XP Inc. live stream on the topic and explained how consumers can use Open Banking to their advantage; second phase starts on August 13.

RIO DE JANEIRO, BRAZIL - Overdrafts can be expensive for consumers. Even with the monthly 8% cap, it may reach around 151% per year. Now consider the possibility of choosing the bank that offers the best overdraft limit and conditions.

Even if customers do not hold an account with the institution, they may choose to send their data and use the best overdraft available on the market should they need or want to, and do it in just a few clicks from home.

This example of what Open Banking can offer consumers was shared by Open Banking regulatory director Otávio . . .

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