Open Banking, or the Open Financial System, is an initiative of the Central Bank of Brazil whose main objectives are to bring innovation to the financial system, promote competition, and improve the supply of financial products and services for consumers.
In May 2021, the Central Bank announced that the current Open Banking business model should be replaced by Open Finance – which is nothing more than an expansion of the original model. With Open Finance, more institutions will be part of this system, not just banks and fintechs. The idea is to include companies such as brokerage firms, exchange companies, pension funds, among others.
All banking communication between financial institutions and the Central Bank is supported by strong security, non-repudiation, and audit protocols, thus guaranteeing reliable data sharing for the consumer.
But what about the LGPD?
It's not enough to share data freely without complying with the LGPD (Brazilian General Data Protection Law). Consent is one of the ten legal grounds for data processing that the law provides to help establish the legal basis for a specific purpose or objective of a data processing operation. And consent is precisely the fundamental element behind Open Finance!
The data subject, or the client of the financial institution in this case, gains greater control over how, when, where, and why each institution uses their personal data.
LGPD and Open Banking Platform
At Banco RCI Brasil, the implementation was made possible thanks to the use of a CMP (Consent Management Platform) system from [Company Name]. Privacy ToolsThe Brazilian company that developed a privacy platform focused on the LGPD (Brazilian General Data Protection Law) has a product to accelerate the implementation of projects in financial institutions.
The product operates with a secure authorization management interface, controlling consent in accordance with the LGPD (Brazilian General Data Protection Law) and synchronizing with the services of the Central Bank, and will be the main focus of this democratic and internationally recognized project.
“The Privacy Tools privacy platform accelerated the delivery of the Open Finance consent management project phases. Adapting to the new initiatives and milestones of the Central Bank of Brazil is an important aspect of our sector, but we must also be concerned with the privacy and protection of our clients' personal data, guaranteeing informational self-determination, with the LGPD (Brazilian General Data Protection Law) being our main parameter in this case. The sharing economy is the future, and soon many segments will follow the same path of facilitating the sharing and portability of this important asset for companies: the management of our clients' personal and transactional data,” says Murilo Bruno, Director of Risks and Services.
RCI Bank and Services is the financial arm of the Renault-Nissan-Mitsubishi alliance worldwide and has a presence in 36 countries.
Banco RCI Brasil, the Brazilian subsidiary, has as its main role to work with the Renault and Nissan brands and their dealership networks, offering competitive and attractive financial products that adapt to the most demanding profiles, with maximum speed and efficiency. The group's companies began their operational activities in 2000 and are leaders among banks that finance new Renault and Nissan vehicles in Brazil.
About Privacy Tools
A PrivacyTools It's a PrivacyTech company, meaning a startup in the privacy sector, accelerated by... Global Obligation and is one of the pioneers in Brazil in offering solutions for LGPD (Brazilian General Data Protection Law).
The company aims to transform how businesses protect and manage the privacy of personal data and counts among its clients Rede D'or, Banco RCI Brasil, Pague Menos, Farmácias São João, Petros, Dafiti, Synnex Corporation, among others.
The consent management feature on the Privacy Tools platform includes a special module for Open Banking, which helps financial institutions on their LGPD compliance journey and digital transformation with Open Banking.
About the founders:
Aline DeparisCEO of Privacy Tools, a Systems Analyst by training with over 17 years of experience in the IT sector. He was president of Assespro-RS (2019/2020) and CETI-RS (Council of IT Entities of RS) and is currently a member of the Fiscal Council of iColab.
Marison SouzaCOO of Privacy Tools, software architect with extensive experience in highly complex, secure, and innovative projects, having been responsible for important projects in companies and organizations such as TSE, Grupo RBS, TCU, among others. Possesses knowledge in Open Source technologies, working in the market of development, research, creation, and architecture of systems for 17 years.
