The second phase of Open Banking, which provides for data sharing between institutions with the consent of customers, will enter into force next Friday (13). History is traditionally subject to the spread of viruses and other cyberattacks, so the vigilance that is usually recommended by Vibraban (Brazilian Confederation of Banks) should be doubled.
Banks that join this stage are required to seek customer consent in order to share this data. Both the organization that will provide the data and the organization that will receive it will need to obtain permission from the customer. However, such requests will not be made in a general manner nor for an indefinite period.
The head of the Open Banking Working Group in February, Ivo Mosca, emphasized in an online presentation to reporters about the next step.
However, at this stage of approaching the customer, the risk of fraud attempts increases. “The bank will not issue an invitation by SMS,” warned Executive Director of Innovation, Products and Services at Febraban, Leandro Vilain. “Generally speaking, these invitations are fake and lead to fake internet pages.”
Phelan also recommends avoiding clicking on links sent by other channels, such as emails. In general, the approach will be implemented through the service channels of the banks with which the customer is already connected. It can happen as an extension of an invitation to open an account for non-customers, but it still has to be specific to the type of product the organization is trying to sell, and how long the customer is giving it to.
The country’s largest banks will be forced to join on Friday. Even with only part of the system entering the information-sharing phase of open banking, there may be complications in the first appearance, but further delays to this phase, which spans about a month, are being ignored by Verappan. “This second stage is where the largest volume of transactions will be,” Phelan predicted.
However, he doesn’t expect a flood of data-sharing grant requests starting next Friday. “We do not believe that anything will change in the intensity of offers due to open banking. On the contrary. As it will provide an amount of information that the institution does not have today, the bank will become more assertive and more practical in its offerings.”
Permits can be granted for a maximum period of 12 months. After the deadline set by the customer, the sharing of information for that specific purpose ceases, but the organizations that received the information do not need to delete this data, even to comply with the five-year storage requirement, in the case of information backed transactions that arrived to be executed.
During the period in which it will be shared, this data will be iterated at each end of the process. There will be no centralization of the database, but one technical support, provided by a company hired by banks, in case there is a difficulty in communication between institutions.
More than 25 financial conglomerates were directly involved in the development of open banking, with more than 250 professionals working in working groups dedicated to this topic, with an investment of R$ 98 million to put the new system into practice. “We pay most of this, about 90%,” Filin said, referring to the banks that make up the union.
“The schedule was practically insane,” Verapan’s manager commented. “The regulator put us in one year what the UK did in four.” “The third stage still contains many points that fit the infrastructure that needs repair. We are twenty days away, but there are still open points, and some risks,” he said, referring to the stage that will allow the start.
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