On 10 December 2021, the Central Bank has released the schedule of the new phase of Open Banking in Brazil, according to infomoney.com.br.
It is the fourth step to be implemented in 2021 and is part of what we can call the foundation of the data sharing ecosystem. Scheduled to begin on 15 December 2021, it marks a new era of the financial system: it is with it that Open Finance, an evolution of Open Banking, begins.
Phase 4 changes the scope: new data, such as insurance, pension and investments, will enter the ecosystem and consumers will be able to choose to share more information. The expansion of the scope of data to be shared – overcoming the barriers of registration of personal data and credit, and including more complex services – has the name of Open Finance, or open financial system.
However, the Central Bank has decided to add these new changes in a phased manner in order to maintain an adequate level of security.
Thus, Normative Instruction No. 205, published on 10 December, indicates how the cycles of phase 4 will be. Although the start date has not been postponed (as happened for phases 2 and 3) the Central Bank makes it clear that the institutions have an adaptation period. The start date of the phase is maintained for 15 December 2021, when participating institutions must begin the process of functional certification of the APIs of the products that will be shared, in order to ensure quality and adherence to specifications, the Central Bank said in a statement.
The date remains, but the deadlines for the number of members and certifications have been extended. Institutions will adhere to certifications later, until that deadline according to the products. The Central Bank expects that on 15 December there won’t be any of these potential services working. Companies will start with caution – especially with the deadline until March 2022 for the first wave of products, according to a member of ABFintechs and a participant in the Central Banks’ technical working group.
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