Brazil develops open banking model

Tuesday 30 April 2019 00:34 CET | News

Central Bank of Brazil has approved and issued guidelines to be considered for the future implementation of an open banking model in the country.

The countrys central bank has also approved and issued guidelines to be considered while the model is implemented. By rolling out open banking regulations, Brazil hopes to increase competition and effectiveness of service provision while protecting personal data in line with the recently approved data protection regulations. The Central Banks policy determines which information should initially be shared among financial institutions, including products and services offered, including the locations of service provision and contractual terms, as well as and customer data including social security numbers, name, and address.

The list of data to be initially shared also includes customer transactional data, such as deposit accounts and credit operations, in addition to data referring to payment services, such as payments for products and services as well as transfers.

In the second half of 2019, public consultations about the introduction of the model should take place as well as minimum requirements for implementation as well as an overall schedule. According to the Brazilian Central Bank, the model should start being introduced in the second half of 2020.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Brazil, Brazil Central Bank, Open Banking, open banking guidelines, Open API, South America, open banking model
Countries: World