What is the relationship between LGPD and Open Banking?

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As we know, the LGPD is a law created to guide the use of our data in a safe and responsible manner. Therefore, during the planning of Open Banking, the guidelines were already adapted to meet all the requirements of the General Data Protection Law.

Therefore, all actions related to this open system, especially in maintaining peru phone number list information, are designed to offer the maximum transparency and security possible.

An important definition of the relationship between these two measures is that it is made clear that the individual's bank details belong to that individual and not to the financial institution. Therefore, only the customer decides whether they will be shared with other financial institutions.

This authorization does not only extend to information: services and products will also require consent. In fact, the Open Banking Resolution itself has criteria defined in accordance with the LGPD, such as:

non-discriminatory maintenance: the system must ensure that data is managed without discriminatory, abusive or illicit intent so that information about race or ethnicity, political opinion, religion, union membership and health are not used as a parameter to allow the individual to take out or not a line of credit;
data security and privacy: technical and administrative measures must be ensured to protect individuals' data in cases of non-authorization or even in situations of destruction, loss, alteration or accidents;
quality of information: it is mandatory that owners have access to their updated information and with clarity according to what they need;
transparency: data subjects must have access to everything that is happening with their information in an easy, clear and accurate way.