Open Banking in Brazil: 1 million authorisations for data sharing

Launched earlier in 2021, the financial data sharing system overseen by the Central Bank began to actually reach the population in August 2021. On 15 December 2021, comes into force the fourth phase and last phase of implementation of Open Banking, in which financial institutions can share data of products related to investments, dollar, insurance, and pension.

According to the Central Bank, as the number of authorisations for authorised data sharing can include more than 1 consent of the same customers, it is still not possible to say that 1 million Brazilians have already joined Open Banking.

But despite the support of few Brazilians so far, the Central Bank says the figures ‘are within expectations and exceed the quantities seen’ in other countries during the same period of implementation of Open Banking.