Open Finance: Technology to promote people development

Open Finance: Technology to promote people development

Technological advancement through the intelligent use of data has paved the way for an evolution in the concept of finance. What was once considered an end in itself has become a means for people to achieve their goals — from managing daily expenses to accessing credit and growing a business.

In this new landscape, Open Finance stands out as a key enabler of financial empowerment. By promoting secure data exchange between financial institutions, fintechs, and service providers, it allows the creation of predictive, personalized, and human-centered digital experiences. Finance, in this sense, becomes a bridge that connects people with opportunities.

Open Finance for getting to know the customer better

According to Gartner, banking continues to be one of the industries investing most heavily in technology to automate and optimize processes. In Brazil, one of the pioneers of Open Finance in Latin America, banks have identified data analysis and utilization through open finance APIs as top technology priorities. The regulatory framework in Brazil — updated in 2024 by the Central Bank to expand participation beyond traditional institutions — is a testament to how quickly this model is evolving.

This new phase of open finance platforms builds on what began with open banking, extending the model to cover not only bank accounts but also insurance, investments, and pensions. The difference between open banking and open finance lies in this scope: open banking focuses on sharing financial data from banks, while open finance embraces a broader ecosystem where users control how all their financial information is used across services.

Today, Brazil’s ecosystem integrates interoperable, API-based systems that allow new use cases and applications. Consumers can centralize multiple accounts in one app, and businesses can connect their enterprise resource planning (ERP) tools directly to their banks. With access to real-time transaction data, institutions can anticipate liquidity shortages, offer personalized credit, or even provide investment recommendations that align with each customer’s goals.

At the same time, initiatives such as the Pix platform—recognized by the World Economic Forum for its role in digitalizing money and advancing financial inclusion—have demonstrated how open data can accelerate innovation and inclusion at scale.

Through digital onboarding and the rapid exchange of consent-based information, financial institutions can now deliver faster, safer, and more transparent services, giving users full control over their financial journeys.

Technology + Finance = a better user experience

In a context defined by competition and rapid transformation, financial institutions must combine agility, scalability, and security to create value at every interaction. Customers expect fast, frictionless, and context-aware experiences—and technology is the backbone that enables them.

That’s where Veritran’s digital solutions play a key role. Trusted by more than 50 financial institutions worldwide and enabling over 50 billion secure transactions annually without fraud, Veritran’s technology accelerates digital transformation with a 4x faster time-to-market, ensuring seamless integrations with legacy systems and cloud environments alike.

Solutions such as Retail Banking or Digital Account Opening empower financial institutions to build user-centric experiences—secure, scalable, and ready to adapt as customer expectations evolve. From digital onboarding to identity verification and omnichannel engagement, Veritran helps banks move from transactional models to relationships built on trust and personalization.

These capabilities are supported by bank-grade security—further strengthened by Veritran’s Security Suite—and a modular architecture that allows institutions to evolve at their own pace. Whether implementing biometric authentication, integrating a mobile wallet, or launching new financial products, Veritran enables each organization to create composable and future-ready digital ecosystems.

A model designed for real-time, human-centered finance

The power of open finance lies in its ability to make financial services more relevant, inclusive, and transparent. By using consent-based data sharing, it gives customers full ownership of their information—deciding who can access it, when, and for what purpose.

Within this framework, two elements stand out as essential to its operation:

• Consent management panels, where users can easily grant or revoke access to their data.
• Financial aggregators, which centralize information from multiple accounts in one secure environment.

Both components can be integrated seamlessly into digital wallets or apps, enhancing usability and driving engagement. In Latin America, mobile payment solutions remain the preferred transaction method for millions, and digital wallets have become a hub for personal finance.

Veritran’s platform takes this a step further. Designed as a multi-country, multi-language, and multi-currency solution, it is fully customizable for different markets and user profiles. Whether serving a millennial entrepreneur or a retiree exploring digital payments for the first time, Veritran ensures consistent, intuitive, and accessible experiences.

This human-centered approach translates into measurable impact: apps built with Veritran’s platform achieve an average 4.6+ rating in app stores, proving that user satisfaction and technological excellence go hand in hand.

Open Finance driving financial inclusion

Beyond innovation, Open Finance represents an opportunity to close gaps and expand access to financial services across populations that have traditionally been underserved. By connecting more players into the ecosystem—banks, fintechs, insurers, and beyond—it democratizes financial data and encourages competition, resulting in better products, fairer rates, and greater transparency.

In Latin America, where nearly half the adult population still lacks access to formal financial services, this model can significantly accelerate financial inclusion. Combined with tools like biometric verification, digital onboarding, and omnichannel solutions, institutions can reach new customers while maintaining rigorous security and compliance standards.

Veritran’s end-to-end digital onboarding process exemplifies this transformation. Built for real-time responses, traceability, and compliance control, it empowers financial institutions to deliver seamless and secure onboarding experiences, regardless of device or location. By leveraging automation, data analytics, and secure identity verification, banks can turn complex processes into simple, user-friendly journeys that build trust from the very first interaction.

Shaping a more inclusive financial future

The evolution from open banking to open finance marks a decisive step toward a connected, data-driven financial ecosystem where users are at the center. It’s not only about sharing information—it’s about creating meaningful relationships between people and their finances.

As financial institutions embrace this model, the challenge is not just to innovate faster, but to do so responsibly, ensuring data protection and user empowerment remain top priorities. In this sense, Veritran’s composable, modular, and scalable platforms provide the foundation for sustainable innovation. With over 2,800 transactions per second, 373% ROI, and payback in less than six months, Veritran enables institutions to innovate with confidence and deliver measurable business value.