How Melvi uses Open Finance
Melvi uses Open Finance, regulated by the Central Bank of Brazil (Banco Central), only to read the accounts, cards, and investments you authorize at your own bank. It does not see your password and does not move money.
Updated
What Open Finance is
Open Finance is Brazil's open banking system, regulated by the Central Bank (Banco Central). It lets you authorize your bank to share your data with another company. You choose with whom, which data, and for how long, and you can end the authorization whenever you want. This is how the Banco Central explains it: Central Bank questions about Open Finance.
Melvi connects to Open Finance through Malvo, the company that makes the connection between Melvi and the banks.
What Melvi reads from your bank
- Accounts and balances.
- Cards, card bills, and installments.
- Transactions, from the past three months onward.
- Investments, such as CDBs (bank certificates of deposit), savings pockets, Tesouro (Brazilian government bonds), funds, and private pension plans.
With this, Melvi shows what is still due, what is left in the month, and how much you have saved. Once connected, the data updates automatically a few times a day, and in the app you can ask for an update right away.
What Melvi does not do with this connection
- It does not move money: it does not pay, transfer, or make Pix payments.
- It does not see your password: you log in on your bank's own environment, and Melvi does not receive or store the password.
- It does not sell your data: it is used only for the calculations Melvi makes for you.
How to connect a bank
- Connecting is optional and happens after you subscribe. How many banks you can connect depends on your plan.
- In the app, you choose your bank, and Melvi takes you to the bank's app or website.
- There, you log in as you always do, and confirm which data you share and for how long.
- Back in Melvi, the data arrives shortly after and shows up on Home.
Without a connection, you can upload a statement as a PDF, CSV, or OFX file, or enter your data by hand. And the free quiz doesn't ask for any bank.
How to end the authorization
In the Melvi app, go to Profile, then Data sources, choose the bank, and tap Disconnect. You can also end the authorization in your bank's app, in its Open Finance area.
Disconnecting stops the updates, and data already received stays in your history until you delete it. When you delete your Melvi account, your data is erased within 5 business days, as the security page explains.
How to spot a scam that uses the name Open Finance
The authorization happens in your bank's app or website, where Melvi takes you when you connect. If a message, an email, or a phone call asks you to activate or release Open Finance through a link, don't click it. Open Melvi or your bank on your own.
No one at Melvi asks for your password, verification code, Pix payment, or full card details, through any channel. If someone asks in Melvi's name, don't reply. Report it to contact@meetmelvi.com.