BCB Issues Open Finance Rules, Announces Projects Selected Under LIFT
The Central Bank of Brazil published resolutions on open finance and announced the projects that were selected under the Laboratory for Financial and Technological Innovations Laboratory (LIFT) initiative.
Below are the key details of the recent updates:
- The Collegiate Board of Directors of BCB approved Resolution No. 206, which establishes technical and operational requirements of the service for forwarding a proposal for a credit operation in the open banking system. This Resolution entered into force on the date of its publication on March 24, 2022.
- The National Monetary Council (CMN) approved a resolution that officially launches the open finance project. This action reinforces the evolution of the Brazilian open financial system model, which will move from a traditional open banking initiative purely focused on data and services related to traditional banking products to become a broader strategy, encompassing data on other financial services such as accreditation, foreign exchange, investments, insurance, and pensions. To consolidate the migration from open banking to open finance, BCB and CMN are updating the regulatory treatment for this new nomenclature in Joint Resolution No. 4 to provide for open finance. The Joint Resolution enters into force on May 04, 2022.
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BCB announced that nine projects have been selected for the implementation phase in the LIFT Challenge Real Digital. These projects are related to open banking, digital payments, and cryptoassets. The LIFT aims to promote technological innovation research projects for the financial industry and the supervisory and regulatory activities of BCB.
Related Links (in Portuguese)
- Press Release on Resolution on Open Banking
- Resolution on Open Banking
- Press Release on Joint Resolution on Open Finance
- Joint Resolution on Open Finance
- Notification on LIFT
- Press Release on LIFT
Keywords: Americas, Brazil, Banking, Open Banking, Open Finance, Regtech, Suptech, Fintech, LIFT, Regulatory Sandbox, BCB, CMN
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