Featured Product

    BCB Consults on Regulation for Implementation of Open Banking System

    December 06, 2019

    BCB published a consultation on the regulation for implementation of open banking system for financial and other institutions authorized to operate by BCB. The proposals aim to define, among other things, the minimum scope of participating institutions; data and services covered by open banking; and the aspects related to sharing requirements, responsibilities, the agreement between participants, and the implementation schedule. Interested parties are requested to submit comments by January 31, 2020.

    For the purpose of data sharing, the largest financial institutions, in the case of those with a size equal to or greater than 1% of GDP or that carry out relevant international activity, members of segments S1 and S2, according to prudential regulation, are obligated to participate. In turn, other institutions authorized by BCB may participate, provided that they have a dedicated interface for sharing, as a data donor institution, and register their participation in a participant repository defined in the agreement between the participants. Among other practical applications, open banking favors the emergence of business models that make it easier to compare products and services available in the financial system, helping to create a more competitive and efficient environment for offering financial services, including credit and payment operations. In Brazil, the open banking model will be implemented in four stages: 

    • The first stage involves data sharing of products and services offered by financial institutions. Open Banking should share information about access channels and the characteristics of their products and services related to deposit or payment accounts, as well as credit operations, such as their prices and target audience. 
    • The second stage involves customer registration and transaction data. On the prior consent of a customer, a financial institution will share the registration and transaction data related to deposit and payment accounts as well as credit transactions.
    • The third stage, with the prior consent of the client, will involve services of referral of credit proposal through correspondents in the country and initialization of payments. The latter will allow the payment transaction instruction, at the customer's request, in respect of a deposit or payment account through an institution that will not necessarily participate in the financial settlement of the transaction.
    • In the fourth phase, data will be shared from other products and services, such as investments and insurance.

     

    Related Links (in Portuguese)

    Comment Due Date: January 31, 2020

    Keywords: Americas, Brazil, Banking, Open Banking, Data Sharing, Fintech, BCB

    Related Articles
    News

    EC Issues Regulation on Adjustments to K-Factor Coefficients Under IFR

    The European Commission (EC) published a report summarizing responses to the targeted consultation on the supervisory convergence and the single rulebook in the European Union (EU).

    January 20, 2022 WebPage Regulatory News
    News

    OSFI Issues Results of Pilot on Climate Risk Scenario Analysis

    The Office of the Superintendent of Financial Institutions (OSFI) published an update on the discussion paper that intended to engage federally regulated financial institutions and other interested stakeholders in a dialog with OSFI, to proactively enhance and align assurance expectations over key regulatory returns.

    January 20, 2022 WebPage Regulatory News
    News

    ECB Issues Opinions on Green Bonds Standard and CRR Proposals

    The European Central Bank (ECB) published its opinion on a proposal for a regulation on European green bonds, following a request from the European Parliament.

    January 19, 2022 WebPage Regulatory News
    News

    ESRB Explores Policy Response to Risks Arising from Digitalization

    The Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) published a report that explores the expected impact of digitalization on provision of financial and banking services, and proposes policy measures to address the risks stemming from digitalization.

    January 18, 2022 WebPage Regulatory News
    News

    EU Authorities Address COVID-19 Reporting, MCD, and PSD2 Issues

    The European Banking Authority (EBA) announced that the guidelines on the reporting and disclosure of exposures subject to measures COVID-relief measures shall continue to apply until further notice.

    January 17, 2022 WebPage Regulatory News
    News

    FI Publishes Multiple Regulatory and Reporting Updates

    The Swedish Financial Supervisory Authority (FI) announced that the capital adequacy reporting as at December 31, 2021 must be done by February 11, 2022.

    January 17, 2022 WebPage Regulatory News
    News

    BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance

    The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.

    January 16, 2022 WebPage Regulatory News
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    News

    MFSA Publishes CRD5 Updates and Supervisory Priorities for 2022

    The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.

    January 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7875