The redirection-free journey (JSR) plays an important role in enabling this concept, according to the expert.
A new way to manage our finances
The advancement of Open Finance is opening doors to a new way of managing our finances and interacting with the world.
One of the possibilities in this scenario is the creation of the “account of things”, or Account of Things (AoT). This concept could enable an automated and integrated financial management system for the objects in our lives—such as cars, homes, and other connected devices.
The redirection-free journey (JSR) in Open Finance plays a crucial role in making this possible.
By allowing a Payment Initiation Service Provider (PISP) to make payments directly with the user’s consent—without requiring redirection to the account holder’s environment—it becomes feasible to create dedicated financial accounts for different objects and properties we own.
A financial account for your car
Imagine having a specific account for your car that interacts directly with financial services.
A PISP could perform automated recurring and variable payments, such as tolls, parking, fuel, and even fines—just like current RFID-based vehicle tags, but with more intelligence and automation.
For more complex services, such as auto repairs or refueling, the system could require two-factor authentication, ensuring greater security for higher-value transactions.
A financial account for your home
A home-specific account could also be created, automating the payment of fixed and variable expenses like mortgages, rent, condominium fees, gas, water, electricity, and property taxes.
And if you own multiple properties or use them for short-term rentals (like Airbnb), having a separate account for each property would allow for clearer and more efficient financial management.
Each property’s account could track and report expenses automatically, making cost separation and financial analysis much simpler.
Automatic financial management
The creation of an “account of things” for various objects—especially in an increasingly connected world—offers significant financial management advantages.
By having specific accounts for vehicles or properties, automated management ensures that all related expenses are paid directly and automatically.
At the end of the month (or a chosen period), the PISP could automate the transfer of the final balance from the “account of things” to your personal account, simplifying financial management even further.
In this sense, Open Finance not only facilitates financial control but also enables an unprecedented level of automation, where each connected device can act as an autonomous financial agent.
A new era for financial services
Open Finance is creating new opportunities for a financial system that is more competitive, efficient, inclusive, and innovative.
However, for these innovations to become a reality, financial institutions and fintechs must prepare to offer new services, such as the “account of things”, or other automated financial management solutions.
This means meeting the demands of a world that is increasingly connected, automated, and personalized.
📌 Article originally published in Finsiders Brasil.