Headquarters of the Central Bank in Brasilia | Photo: Marcello Casal Jr / Agência Brasil
In a statement released on Wednesday (14), the Central Bank announced a change in the implementation schedule for Brazil’s so-called open financial system, the open bank. The start of the second phase, which was to take place on Thursday (15), is postponed to August 13. According to BC, the change responds to “the formal demand of the Open Banking governance structure” for carrying out tests to obtain accreditation certifications and registration of APIs, programming interfaces that allow data sharing. between establishments.
Phase 2 of the project provides for the sharing of customer registration and transaction data, with prior consent, so that banks, fintechs and other financial institutions with which the account holder has no relationship can access their profile and to their banking history. According to BC, by making the information “visible” to competitors, the user will be able to obtain advantages such as lower prices and more advantageous conditions.
There is still no information on the possible postponement of other phases of implementation. BC’s schedule includes 4 stages, the last two scheduled for August 30 and December 15. According to the assessment of the Central Bank, the open bank promises to promote greater competition, the efficiency of the financial system and the financial inclusion of the population.