Sicredi has stepped up its integration with Open Banking in line with the mandates of regulatory authorities. In April, the organization voluntarily initiated Phase 1 of the implementation process, which would have been obligatory only for participation in Phase 3 starting from August. This move ensures that Sicredi will engage in all four phases of implementing the new system.
Following the launch of PIX in 2020, Open Banking is a key initiative aiming to transform the market and forms part of the broader strategy outlined by the Central Bank to foster an integrated and secure financial ecosystem where credit unions, banks, and fintechs can collaborate effectively. Sicredi’s primary challenge lies in seamlessly integrating these systems.
Currently, Sicredi is involved in Phase 1 of Open Banking, known as Open Data, during which partners can access APIs via the Developer Portal to share data related to service channels, products, and services associated with current accounts, savings accounts, cards, and credit operations.
The subsequent phase of the project involves transitioning into Phase 2 of Open Banking, to be executed by companies by July 15th. This stage entails sharing more sensitive data with customer consent.
