The Brazilian Central Bank issues fundamental criteria for the implementation for Open Banking
The Brazilian Central Bank issued the Communication N. 33,455, of April 24th 2019, with the fundamental criteria for the implementation of Open Banking in Brazil.
This is an initiative aiming at assuring the sharing of data, products and services by financial institutions (as well as other institutions authorized to operate by the Brazilian Central Bank) by means of opening and integrating platforms and infrastructures. The goal is to increase efficiency and to promote competition in the markets of credit and payments.
According to such communication, the model will be applicable to financial institutions, payment institutions and others authorized to operate by the Brazilian Central Bank, and should encompass at least the following data, products and services: (i) data related to products and services offered by financial institutions; (ii) clients’ data; (iii) clients’ transactional data; and (iv) payment services.
The Brazil Central Bank should submit drafts of regulation to implement the Open Banking to public consultation in the second semester of 2019. Autoregulation initiates are also expected to address issues of technological standardization and operational procedures.
The expectation for the implementation of Open Banking in Brazil is the second semester of 2020.
