Brazil regulators publish joint resolution on Open Finance interoperability

Monday 23 May 2022 13:09 CET | News

The regulatory and supervisory bodies of the financial and insurance market have published the Joint Resolution No. 5/2022, which provides for interoperability in Open Finance. 

The standard was defined jointly by the Superintendence of Private Insurance (Susep) and the Central Bank of Brazil (BC) and approved and published by the BC, the National Monetary Council (CMN) and the National Council of Private Insurance (CNSP).

The publication of the Joint Resolution brings greater clarity and rules for interoperability within the scope of Open Finance. This interoperability will allow standardised data sharing, with customer consent, in a safe, agile, and accurate way, between banks, payment institutions, credit unions, insurance companies, open supplementary pension entities, capitalisation companies, and other institutions authorised to work by BC and Susep.

The possibility for consumers to share their data more widely in the national financial system, with security, agility, and precision, in addition to reinforcing consumer control over their financial data, should foster new business models that support family and family planning, companies, as well as financial decision making.

Ecosystem participants are responsible for proposing and implementing technical standards and operational procedures that ensure interoperability. Such proposals must be sent to Susep and the BCB by 30 November 2023.

Joint Resolution No. 5/2022 will enter into force on 2 January 2023 and can be read in full here.

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

Banking & Fintech