Do you know what a bank correspondent is? You may have heard about bank correspondents but are unsure of what it is or what it does.
To answer all your questions, in this post, we will explain everything you need to know about bank correspondents, what they are, how they work and tips on how to avoid common pitfalls in the market.
What is a bank correspondent?
Bank correspondents are companies authorized by the Central Bank to act as service providers and to serve clients of financial institutions, connecting banks and lenders seeking financial services, usually loans, to offer them to the market. Simply put, Correspondent Banking is a way for financial institutions to reach more customers faster through partners.
The services offered by correspondent banks were regulated in 2003 by Central Bank resolutions No. 3,110 and 3,156 . If you want to know more, click here . It is also possible to check the terms that regulate the operation of these companies in Resolution No. 3954/11 of the National Monetary Council – CMN.
Advantages of a Bank Correspondent When Applying for a PJ Loan
Bank correspondents aim to facilitate the process of contracting a loan by reducing applications made directly to banks and enabling the process of applying for a loan, from credit analysis to cash receipt, to take place in a short time. .
In Brazil, bank correspondents may grant financing, loans, deposit account opening, money orders, collections services, issuance of securities or booklets for the services he himself is providing.
Bank correspondents can make loans online
Nowadays, many online lending companies can be found on the internet. According to the blog Portal do Loan , loans made through financial institutions and banks are mostly made thanks to correspondent banks that have websites, platforms and credit applications designed to perform the entire process of granting credit, since the request of the Bank.
offer, the analysis of the applicant’s credit profile, until the approval and release of the loan, which makes the operation more agile, less bureaucratic, fully online and also enables the reduction of credit costs.