Despite the pandemic's effect on the country, implementation will be carried out in four phases, until October 2021, with open banking fully functioning at the end of next year.
The Central Bank (BC) and the National Monetary Council (CMN) regulated this Monday the open banking in Brazil. “The schedule is adequate, even with a lockdown”, according to the BC director of regulation, Otavio Damaso. "We are creating the basis for fintechs to innovate and create better products and services," said Damaso, noting that sharing customer data between institutions can lead to a drop in interest rates at the end. Also present in the interview, the director of organization of the financial system and resolution of the Central Bank (BC), João Manoel Pinho de Mello, stated that open banking and the Instant Payment System, Pix, are “two totally structuring agendas” and will have their deployment schedules maintained. In the interview, Pinho de Mello highlighted that the scope of open banking proposed by the monetary authority "is quite ambitious" compared to that of other countries. The Open Banking discipline will be implemented in a phased manner, starting on November 30, 2020 and ending in October 2021, based on the following phases: Phase I: public access to data from institutions participating in Open Banking on customer service channels and products and services related to demand deposit or savings accounts, payment accounts or credit operations; Phase II: sharing between participating institutions of customer and representative registration information, as well as customer transaction data about the products and services listed in Phase I; Phase III: sharing of the payment transaction initiation service among participating institutions, as well as that of the credit operation proposal forwarding service between financial institutions and correspondents in the country that may have been contracted for this purpose; Phase IV: expansion of the scope of data to include, among others, foreign exchange operations, investments, insurance and open supplementary pension plans, both in terms of publicly accessible data and transaction data shared between participating institutions.