Open Finance: Sicredi Uses Sensedia Solutions to Create Value for Members

The Partnership Expedited the Implementation of Open Finance at Sicredi, Benefiting its 7.5 million Members and Over 100 Credit Cooperatives

Sensedia today announced significant results from open finance initiatives with Sicredi, a Brazilian cooperative financial institution. Sicredi recognized and embraced the concept of open finance, integrating into the open ecosystem from its outset. The cooperative's strategic vision to improve the financial experiences of its 7.5 million members and increase market awareness of the advantages offered by credit cooperatives led to a collaboration with Sensedia to develop and deploy the required technological infrastructure.

For over 120 years, Sicredi has had a widespread Brazilian presence with more than 2,600 branches and 100 credit cooperatives in its network. Paula Daniela Fantinel, Group Product Manager of open finance at Sicredi, highlights, "Given our lack of dedicated API management infrastructure, we turned to Sensedia as an accelerator to extend the reach of our APIs beyond digital channels."

Fantinel shares that with the advent of open finance, Sicredi embarked on a journey to glean insights into its members' financial behaviors. This initiative enabled the institution to swiftly innovate and deliver solutions customized to meet individual needs. By harnessing the wealth of information available, Sicredi stayed true to its cooperative principles of mutual support and financial responsibility.

"The influence of open finance data on refining credit product decisions and offerings, including the qualification of pre-approved limits and the provision of personalized, automated offers, has opened doors to improving financial analysis and strengthening member relationships," she concludes. "Additionally, Sicredi's Personal Financial Manager (PFM), known as the Financial Organizer within the institution, enables members to transfer funds from their external accounts using Pix payment initiation. This enhancement ensures our members an increasingly straightforward, secure, and seamless experience."

Additional Results

Another benefit of Sicredi's open finance platform is that it introduces a centralized financial management experience, featuring account aggregation within the Financial Organizer.

Also, to prioritize members' financial well-being, Sicredi implements alerts for situations when members inadvertently dip into overdrafts from other banks.

The collaborative growth between Sicredi and Sensedia has fortified their strategic partnership.

"When our partnership began, the potential outcomes of open finance were still uncertain. Together, we navigated this evolving landscape, closely monitoring the Central Bank's directives. Collaboratively, we developed solutions to fulfill all regulatory and strategic business demands set forth by Sicredi. This concerted effort resulted in tangible competitive advantages," explains Natalia Cruz, Sensedia's Head of open finance.

Results

The project with Sicredi, initiated in April 2021, advanced in sync with each phase of open finance implementation in Brazil.

As a primary outcome, Sicredi documented the growth of over R$3.5 million in credit card limits and more than R$7.3 million in credit extended to members who opted to share their data for self-service offers via open finance.

Additionally, with authorization from the Central Bank and leveraging Sensedia's ITP (Payment Initiator) solution, Sicredi achieved a significant milestone by becoming one of the pioneering financial institutions to receive such authorization and operate as a payment initiator in the market.

Presently, the institution manages a total volume of over 343,000 calls on payment APIs. Since September 2023, it has accumulated a staggering total of over 15 million requests for APIs between sender and receiver.

"Lots of potential remains to be explored and value to be extracted from open finance. We have a long journey ahead with ample opportunities for Sicredi and our members, encompassing advancements in experience, data utilization, and payment transaction mobility," adds Fantinel.

Additional details on the case study can be found here.

About Sensedia

Sensedia simplifies enterprise architecture and integrations to improve business efficiency and flexibility. Sensedia's solutions go beyond API management, working in partnership to help customers do more, faster and better with APIs, microservices and their architecture. Whether leveraging legacy systems for open innovation within a modern platform, unlocking data with agile architecture, creating new customer digital experiences or expanding business models and partner ecosystems, Sensedia empowers its clients' businesses to become more adaptable, composable and connected. More at www.sensedia.com.

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