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

    UK Authorities Consult on Implementation of Basel 3.1 Standards

    The UK authorities have published consultations with respect to the Basel requirements for banks. The Prudential Regulation Authority (PRA) published the consultation paper CP16/22 on rules for the implementation of Basel 3.1 standards.

    November 30, 2022 WebPage Regulatory News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News

    FSB and NGFS Publish Initial Findings from Climate Scenario Analyses

    The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.

    November 15, 2022 WebPage Regulatory News

    FSB Issues Reports on NBFI and Liquidity in Government Bonds

    The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.

    November 14, 2022 WebPage Regulatory News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News

    EU Finalizes Rules Under Crowdfunding Service Providers Regulation

    The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.

    November 08, 2022 WebPage Regulatory News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8597