It seems we have left behind not a clever kid, but a vital component promised to revolutionize credit access: the EPOC.
The forgotten element of Open Finance
When we think of the classic movie “Home Alone”, we picture young Kevin McCallister facing adventures and challenges alone after his family accidentally forgets him in the holiday rush.
Similarly, in the world of Open Finance in Brazil, we seem to have left behind not a child, but a crucial component that was meant to revolutionize credit access: the EPOC—short for Encaminhamento de Proposta de Crédito (Credit Proposal Submission).
Just as the McCallisters meticulously planned their vacation, Open Finance was designed to include fundamental functionalities, such as data sharing and credit proposal submission.
Originally expected to be a milestone for Open Banking in 2021, EPOC was supposed to enable consumers to efficiently submit credit proposals to multiple financial institutions. This, in turn, would promote healthy competition, offering better credit conditions for users.
However, just like Kevin was forgotten in the rush of departure, EPOC has been left behind in the advancement of Open Finance.
While other features—such as data sharing and payment initiation—have progressed, EPOC remains in limbo, waiting for its turn to shine.
A missed opportunity
Its absence in today’s financial ecosystem is more than a forgotten detail. It represents a missed opportunity to democratize credit access and increase efficiency and transparency in the financial system.
Without EPOC, both consumers and financial institutions remain trapped in bureaucratic and inefficient processes, reminiscent of the chaos the McCallister family faced in the movie.
Hope for EPOC in Open Finance
Just as Kevin found creative ways to manage on his own, there is still hope for EPOC in Open Finance.
It is essential for regulators, financial institutions, and other stakeholders to collaborate in overcoming technical and regulatory challenges, ensuring that EPOC becomes a reality and significantly improves credit access in Brazil.
Beyond credit: a step towards full transactional Open Finance
More than just a missing puzzle piece, the implementation of EPOC in Open Finance represents a crucial advancement towards a fully transactional system.
Its reach extends beyond payments and credit, potentially paving the way for account openings, investment operations, and other transactional features in the future.
Just like Kevin eventually reunites with his family, bringing a happy ending to “Home Alone”, the successful inclusion of EPOC in Open Finance could lead to a future where financial services are more accessible, inclusive, and seamlessly integrated for all in Brazil.
This is a call to remember EPOC and ensure that it takes its rightful place in the financial ecosystem, preventing it from being lost in oblivion.
📌 Article originally published in Finsiders Brasil.