Open Banking's third phase postponed in Brazil

Monday 30 August 2021 14:38 CET | News

Brazil’s central bank has postponed the third phase of Open Banking at the request of financial institutions and fintechs, reports.

The deliberative council of Open Banking, which brings together financial institutions, entities, and fintechs, asked Brazil‘s central bank to postpone the start of Open Banking’s third phase in the country, and the authority accepted the request on 27 August 2021. As a result, the third phase that would have started on 30 August, has been postponed to 29 October 2021.

The council allegedly claimed that institutions and fintechs were not ready for the new integration of payment initiation services. The second phase, which took effect in August 2021, was also postponed to give participants more time to adjust. The date initially planned was 15 July. After integrating the institutions’ APIs in the first phase, in the second stage, consumers can share their data with other institutions and fintechs in search of better services and offers.

In the third phase, which will now start in October 2021, institutions will be able to integrate payment services, more specifically PIX, Brazil‘s instant payments system launched in November 2020. In this third step, consumers will also be able to authorise an institution to make a payment or even accept credit offers.

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

Banking & Fintech

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