Last week I published a piece here on the blog about Celcoin F.Hub and its integration APIs. On 11/29/19—last Thursday (the 28th)—the Central Bank of Brazil opened a public consultation on Open Banking to improve the efficiency of the National Financial System.
The new API feature lets fintechs and digital banks that contract Celcoin’s Open Banking technology offer their customers cash withdrawals at lower cost through Banco 24Horas terminals, Lotéricas, and retail networks.
The feature is simple — the end user requests the withdrawal on their phone and receives a code accepted by ATMs and store registers.
That advance matters a lot: it puts fintechs and traditional banks on equal footing and further sharpens competition between them in the financial market.
Celcoin F.Hub already serves more than 80 fintechs and digital banks, with more than R$550 million a month in transaction volume and more than 3.5 million end customers reached each month.
