This week, the first of four phases of Brazil's Open Banking implementation has started, as part of the country's broader agenda of modernization of the national financial ecosystem. The initiative, led by the Central Bank of Brazil, also aims to boost market competition and increase financial education in the Latin American country. Under the model, use of open application programming interfaces (APIs) enable third-party developers to build applications and services around the participating financial institutions, with consumer data shared with their consent. The participation of large and medium-sized Brazilian banks with significant international presence in the Open Banking initiative is mandatory. For the other institutions, participation is optional. "Open Banking will encourage innovation and tends to boost value to customers with new products and services, accelerating the digital transformation of the financial market. The expectation of the banking sector with its arrival is very positive", says Isaac Sidney, president of Brazilian Banking Federation (FEBRABAN). In this initial phase, there will be no sharing of data on customer registration or transactional activity. Instead, companies participating in the OpenBanking ecosystem will need to open data on their service channels and the characteristics of banking products and services through open APIs.

https://www.zdnet.com/article/open-banking-kicks-off-in-brazil/