Many Brazilians use pixel By a particular bank without knowing that it is possible to make a transfer using the balance of another institution. This novelty became reality because of open financing.
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Currently, some organizations have already started to launch the functionality, while others are rushing to make the service available to users. To learn more about this modernity in the world FinanceFollow the article below!
How does Pix work with a balance from another bank?
In short, the process of sending money in this way is very simple. The customer simply opens the bank application and selects Create a Pix with another organization’s creditwithout having to close the current platform.
If a person has R$100 in account X and another R$100 in account Y, then the person can make a Pix worth R$200. This is because the system uses payment initiation technology in the system, which results in the customer being able to make the transfer without having to reach the bank where their money is stored.
The Payment Initiative was a proposal among the various functions of Open Finance, which acts as an open financial network that allows information to be shared between different banks.
In short: With Open Finance, the customer will be able to view the balance of each account in one application and thus send the amount of money they want in a more practical way.
What banks actually offer this functionality?
a Bank of Brazil it’s the Bradesco They knew they were offering the tool. Santander and Itay said they would offer the option soon. Caixa Econômica Federal had not commented on the job until this article was published.
It should be noted that banks must respect the General Data Protection Regulation (LGPD), which makes it clear to consumers what data will be shared and how it will be used.
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