The rules for Open Banking are approved and the Central Bank prepares its implementation in the country
The National Monetary Council and the Central Bank (BC) approved the regulation for the functioning of the Open Financial System (Open Banking). The measure will allow the standardized sharing of data and services by the regulated institutions through the integration of their systems, using interfaces built for such purpose. Starting this year, the Open Banking will be gradually implemented by institutions authorized to operate by the BC. It is expected to bring more efficiency, competitiveness and transparency in the financial system.
The approved regulation foresees the principles and objectives and rules for the implementation of Open Banking, including the minimum scope of data and services, the scope of participants, the responsibilities for sharing information and the customer’s consent, in addition to the initial governance structure and implementation schedule. According to the BC, the first implementation phase is scheduled to be concluded by November 30. More information at: https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20Conjunta&numero=1 and https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Circular&numero=4015 (in Portuguese)
