According to the Brazilian Central Bank (BCB), just 1,1% of companies with bank accounts in Brazil, what represents around 211 thousand companies, they joined Open Finance.
With a cautious approach and appropriate regulation, Open Finance can become a powerful tool to drive growth and business success in all areas, affirms Emanuela Ramos, vice president of Business Development at NAVA Technology for Business, specialized in technology services and solutions. Soon, more companies will be able to benefit from these advantages, contributing to a more inclusive and efficient financial environment.”
With this membership still growing, NAVA highlights three or four fundamental benefits that this system can provide
1- Democratization of access to capitalOpen Finance democratizes access to capital, traditionally reserved for large corporations with an established history. Now, companies of all sizes can access a variety of financial service providers. This allows finding the best credit options based on a more comprehensive analysis of the company's financial situation
2- Reduction of dependence on traditional institutionswith expanded access to a wider range of financial services and funding providers, companies can reduce their dependence on traditional institutions. This aspect is particularly beneficial for small and medium-sized enterprises (SMEs), that often face difficulties in obtaining funding due to a lack of established history
3- Transparency and efficiency in processesthis tool also promotes transparency and efficiency in company processes. By allowing data sharing between different platforms and applications, automate routine tasks and gain a broader and more accurate view of your financial health. This enables cost savings, risk mitigation and more informed and strategic decision-making
4- Data security and privacyensuring the security and privacy of company data is essential. Furthermore, it is necessary to promote fair competition and equitable access to financial services.
