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BCB publishes details about Open Banking phase 2 in Brazil

Monday 2 August 2021 13:12 CET | News

The Central Bank of Brazil has published a new set of dates and details regarding the country’s push towards phase 2 of Open Banking.

Information on the limits and terms must be available on the Open Banking page on the website of the Central Bank of Brazil and on the Open Banking do Brasil Portal, maintained by the Structure Responsible for Governance of Open Banking. Participating institutions must implement the scaled and efficient launch of APIs for the purpose of sharing registration and transactional data.

The efficient release of phase 2 of Open Banking must be carried out in four cycles, based on the following deadlines and uniform criteria, applicable to all participating institutions:

  • • 1st cycle, to be held between 13 August 2021 and 12 September 2021;
  • • 2nd cycle, to be held between 13 September 2021 and 26 September 2021;
  • • 3rd cycle, to be held between 27 September 2021 and 10 October 2021;
  • • 4th Cycle, to be held between 11 October 2021 and 24 October 2021.
During the entire period of launching, it is prohibited to make interface calls greater than:
  • two interface calls per month, per participating institution, per client and per method subscription, regarding registration data 
  • one hundred and twenty interface calls per month, by participating institution and by customer, regarding transaction data
The limitations related to the type of API, quantities of valid consents and interface calls, and operating regime provided for in will be suspended after the end of the 4th cycle. The Departments of Financial System Regulation (Denor), Information Technology (Deinf) and Banking Supervision (Desup) of the Central Bank of Brazil will monitor the phased and efficient launch process and may adopt complementary measures to the provisions of this Normative Instruction.

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Keywords: central bank, Open Banking, regulation
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Brazil
This article is part of category

Banking & Fintech