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.
Related Links (in Portuguese)
Keywords: Americas, Brazil, Banking, Open Banking, Timeline, Fintech, BCB
Related Articles
EBA Launches Stress Tests for Banks, Issues Other Updates
The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
