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Finance app Guiabolso partners with Neurotech to offer credit via Brazil' new open banking standards

According to both companies, the solution will be offered to credit institutions with early access to open banking information, starting with the big banks

Photo: Guiabolso/Website

The Brazilian personal finance application Guiabolso announced this Thursday an agreement with Neurotech, an artificial intelligence startup, to offer credit solutions within open banking, a system launched in February by the country’s Central Bank that will allow bank customers to have more power over their data.

READ ALSO: Open banking’s debut in Brazil will create products and services that we now can’t even imagine, says Guiabolso’s CEO

According to both companies, the solution will be offered to credit institutions with early access to open banking information, starting with the big banks.

They also argue that the model can increase the proposals conversion rate due to the greater access to the information of the borrowers, reducing the time of analysis and back office costs.

READ ALSO: Open banking can grab up to BRL 110 billion from traditional banks in Brazil

With the partnership, companies try to save time, while banks are preparing to join levels 2 and 3 of open banking, scheduled for the end of the year, when the system will allow a customer to not only share information, but can hire different types of financial products on a single platform.

Translated by LABS