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
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
