Business

Guiabolso and Bradesco integrate data of account holders

Bradesco now offers an interface that shares information from its customers with Guiabolso; it is an important step to implementation of open banking in Brasil

Photo: Guiabolso/Website
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  • After an agreement with the Administrative Council for Economic Defense (Cade), Bradesco now offers an interface that shares information from its customers with Guiabolso;
  • The integration between the personal finance platform and the bank is an important step to implementation of open banking in Brazil.

The Brazilian personal finance platform Guiabolso started this week the integration of Bradesco‘s account holders, after conclusion of an agreement with the Administrative Council for Economic Defense (Cade).

As a result, Bradesco customers can use Guiabolso without the need for a token for each access or action performed. And the bank now offers an interface that shares information from customers through the Guiabolso application.

In 2020, Bradesco signed a commitment agreement with Cade to end a two-year investigation into alleged anti-competitive practices that limited its account holders’ access to Guiabolso. The agreement could be an important precedent for the implementation of open banking in Brazil, which is supposed to start in February this year.

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The bank also agreed to pay a fine of R$ 23,8 million and dropped the lawsuit against Guiabolso at the São Paulo Court of Justice.

According to the Guiabolso’s founder, Thiago Alvarez, Bradesco’s account holders represent about a quarter of the 6 million users registered on the personal finance platform.

Translated by Labs.