a open bankOpen Financial System, or Open Financial System, allows customer data to be shared between financial institutions. a central bank Identification of implementation steps. The schedule is expected to end in September this year.

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In other words, a service is a means of facilitating the exchange of information between banks. Thanks to this, customers save time and avoid bureaucracy if they want to open a new account in another bank. This is only one of the advantages.

open bank

Open banking is a system that has already been implemented in the United States and the European Union. According to the central bank, the system allows greater competition between financial institutions. On the other hand, customers are more likely to choose the best products and services.

The first phase of Open Banking took place in February 2021. The implementation process consists of four stages. On the thirtieth of the month, the central bank took another step. Banks are now one of a kind the shop credit.

Thus, customers will follow the best rates and rules. The proposal aims to facilitate the taking out of a loan, since those interested will have more information to choose the best duration according to the financial realities of each one.

In this new phase, customers will receive a credit proposal transmission (Epoc). Thanks to this system, citizens will check all the offers at the same time.

Epoc is in the testing phase. The proposal is to make life easier for customers. It should be noted that the exchange of information between banks should be authorized by every citizen.

Through Epoc, financial institutions will send various loan offers. In other words, it is the institutions that will send the proposals. And not the interested parties who will have to look from bank to bank to release credit.