The Brazilian central bank has published the minimum data volume for the final phase of the implementation of open banking in the country.
The implementation of Open Banking began in Brazil in February 2021 as part of a broader modernization agenda for the financial services industry. Under the model, consumers have the right to access their financial data from institutions via application programming interfaces (APIs) – and to consent to the use of this data by third parties in their favor.
Announced today (9), the scope of Stage Four of Open Banking will include data on financial services such as foreign exchange, investments, accreditation, insurance and pensions. Implementation of this phase is scheduled to begin on December 15th.
Until then, the participating institutions must publish information about the products and services they offer as part of the fourth phase.
With the introduction of the fourth and final tier of Open Banking, Brazilian financial services institutions will share a range of information that goes beyond traditional banking products and services.
According to the central bank, the completion of the open banking rollout marks “the beginning of the migration to open finance”.
The concept of Open Finance takes Open Banking further and promises consumers more access and control over the use of their personal data. Competition is fueled by the fact that users can compare and switch service providers while businesses have more data resources to offer more personalized services.
Last month, the Brazilian central bank announced that the launch of the third phase of the initiative would be postponed from the originally planned August 30th to October 29th. the institution argued that these adjustments affected the deadline for running tests to certify participating organizations.