The Brazilian central bank has postponed the introduction of the data exchange phase of the national open banking project as financial services institutions prepare their technology facilities for the new requirements.
According to the central bank, the decision is a response to a formal request from the open banking governance structure as participating institutions complete the tests to ensure the approval and registration of their open application programming interfaces (APIs), which will allow third parties to party -Developers to create applications and services around the participating financial institutions, sharing consumer data with their consent
Upon request, it was decided that the start of the upcoming phase of implementation, which includes sharing customer registration and transaction data, would be postponed from the original July 15th to August 13th.
“The central bank is stepping up its commitment to help Open Banking achieve its goals by [achieving] more competition as well as efficiency in the financial system and the financial inclusion of the population, to remain vigilant in the implementation and to spare no effort “, it says in a statement of the institute.
The phased rollout of Open Banking in Brazil began in February, with banks opening data about their service channels and the characteristics of banking products and services via open APIs without disclosing customer data. After the second phase, which is considered the most critical of the project, a further phase introduces the ability to pay bills and make money transfers outside of a customer’s banking environment.
In the last phase, which is still being discussed by the banks, the model could be expanded to include additional features, such as the sharing of additional customer data in areas such as foreign exchange services, financial investments, insurance and wage accounts.
The open banking project in Brazil was approved by the central bank in early 2019. The model should be implemented in 2020 and postponed to early 2021 due to the Covid-19 pandemic. The project is part of a broader agenda of modernization of the Brazilian financial system that included the introduction of instant payments in 2020 and the publication of guidelines for the creation of a digital currency.