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Brazil enters first phase of Open Banking

Monday 1 February 2021 13:28 CET | News

The Central Bank of Brazil has entered the first phase of Open Banking, according to an official statement from the bank.

Brazil’s central bank intended to start the regulatory process of Open Banking in Brazil on 30 January. However, the agency announced a new date for this assignment, 1 February 2021. The postponement’s reason seems to have been the impact of the COVID-19 pandemic and attention paid to PIX, according to fesi.info.

Central Bank of Brazil wishes to create an open financial system to broad integration between financial services of different types. Therefore, it is necessary to establish rules to ensure user data protection, financial system security, and consistent processing of transactions. That is why open banking regulations will be created. The process is extensive, which is why it is divided into four phases. 

Phase 1’s start date is 1 February 2021. The date of completion of the current implementation of the new regulation is 15 December 2021, provided that further delays won’t occur.


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Keywords: Brazil, Open Banking, central bank, regulation, COVID-19, pandemic, PIX, Open Finance, Open Data
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Brazil
This article is part of category

Banking & Fintech