BCB Announces Timeline for Phased Implementation of Open Banking
BCB announced the timeline for phased implementation of open banking in Brazil. The first phase of implementation of opening banking kicked off on February 01, 2021. In the first phase, the participating institutions are required to make information available about customer service channels and banking products and services related to accounts, credit cards, and credit operations. The process of sharing the information on these products and services will be digital and will take place through open and standardized application programming interfaces (APIs). However, in the first phase, no customer data will be shared.
At the launch of the first implementation phase, the BCB President Roberto Campos Neto highlighted that open banking is expected to be fully operational by the end of 2021. The second phase of implementation is scheduled to start on July 15, 2021. In the second phase, customers will have the possibility to authorize the sharing of their registrations and information about financial transactions related to accounts, credit cards, and credit operations with other institutions. In the third phase, which is planned in August 2021, it will be possible to share services, particularly submission of a credit transaction proposal and the initiation of payments. The fourth phase, in December 2021, will involve sharing of data on foreign-exchange operations, investments, and insurance, among others. Open banking is a regulatory initiative that is aimed to enhance efficiency and competition in the national financial system through standardization and digitization of data-sharing process and financial services (via APIs) by the BCB-authorized institutions.
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Keywords: Americas, Brazil, Banking, Open Banking, Timeline, Fintech, BCB
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