By: André Jerusalem 

In March, the Central Bank (“BCB”) published a new resolution that will allow the sharing of data in rural credit operations, subject to the consent of the holder.

This new option will be operated directly by the BCB’s Rural Credit Operations Registration System (“Sicor”). Sicor records transactions between rural credit beneficiaries and creditors. Currently, it is only possible to take out rural credit loans with registration in Sicor.

Data sharing will work with the aim of expanding credit offerings through the sharing of information between the rural credit holder and a consultant (interested third party). In general, this option will be modeled after Open Finance, but focused on ruralists.

The main benefit of adhering to data sharing in financial transactions is the increase in the choice of credit. And consequently, the increase in transparency for the borrower and the reduction of information asymmetry. In addition, the data can be used to improve the services provided.

It is worth remembering that the authorization to share data will be valid for a period of 180 days or less, depending on the agreement, and may be terminated at any time.

The new functionality will be available from May 2, 2022.