The partnership between one of Brazil’s biggest banks and payroll loan startup, Bxblue, will expand open banking initiatives in Brazil. Bxblue allows users to compare payroll loans from various financial institutions and choose the best option. This new API will enable Banco do Brasil customers to automatically receive credit through the Bxblue website.
“For the first time a financial institution in the country started to allow a user to acquire a loan outside his system and already receive the amount in a moment, in his account” explains Gustavo Gorenstein, founder of bxblue.
Customers of Bxblue and Banco do Brasil can apply and get credit approved and deposited in their account within three minutes. For the other financial institutions available on Bxblue’s platform, the time between application and deposit can take up to a week.
Currently, the API is available only to Banco do Brasil customers, because the authentication comes through the bank itself, but they plan to extend the solution to non-account holders in the future.
“In addition to a great milestone for Bxblue, the partnership is also a great benchmark for the open banking market and a reference for collaboration between fintechs and financial institutions,” said Gorenstein.
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