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Open Banking security and identity standards published in Brazil

Thursday 27 May 2021 14:04 CET | News

The Open Banking Brasil Initial Structure has published the standards and specifications necessary to meet the requirements and obligations of the Brasil Open Banking Legislation as originally outlined by the Brasil Central Bank. 

The Open Banking Brasil Financial-grade API is a highly secured OAuth profile that aims to provide specific implementation guidelines for security and interoperability which can be applied to APIs in the Brasil Open Banking Area area that require a higher level of privacy than provided by standard Financial-grade API Security Profile 1.0 - Part 2: Advanced. Among other enhancements, this specification addresses privacy considerations identified in FAPI-1-Advanced that are relevant in the Open Banking Brasil specifications but have not, so far, been required by other jurisdictions.

Although it is possible to code an OpenID Provider and Relying Party from first principles using this specification, the main audience for this specification is parties who already have a certified implementation of Financial-grade API Security Profile 1.0 - Part 2: Advanced and want to achieve certification for the Brasil Open Banking programme.


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Keywords: Open Banking, regulation
Categories: Banking & Fintech
Companies:
Countries: Brazil
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Banking & Fintech






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