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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now