Brazil postpones Phase 2 of Open Banking

Thursday 15 July 2021 12:47 CET | News

The Brazil-based central bank has issued a resolution, stating that Phase 2 of Open Banking has been moved back to August 13 2021.

In response to a formal request from the Open Banking governance structure, given that the participating institutions are finalising the tests to obtain certifications for approval and registration of their APIs, the Central Bank decided to change the schedule for the beginning of the launch of Phase 2 of the project, which involves the sharing of registration and transactional data of customers, with their prior consent. With this, this beginning of July 15 is being changed to August 13 2021.

Open Banking is a long-term and priority measure in the BC# Agenda, which aims to define the conditions for the financial system of the future, through the creation of new channels of communication and access to financial services, to guarantee a digital journey for the consumer that is safe, agile, effective, and convenient.

This way, the Central Bank reinforces its commitment so that Open Banking achieves its objectives, in the case of greater competition, efficiency of the financial system and financial inclusion of the population, remaining vigilant in the implementation process, sparing no efforts for this.

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

Banking & Fintech