The Central Bank released this Friday (10) data on the schedule for the implementation of phase 4 of open banking, which involves sharing information beyond traditional banking products and services and includes foreign exchange transactions and investments.
On December 15, as already planned, institutions must start the certification process of APIs (digital interfaces) of products and services whose information may be shared.
BC has now defined the dates by which, once certifications are obtained, these APIs must be registered in the environment in which institutions formalize their participation in the open banking ecosystem to share data and products.
This registration must be done by March 4, 2022 for insurance, open supplementary pension and capitalization; until March 11 for accreditation in payment arrangements; until March 18 for foreign exchange transactions and until March 25 for time deposit accounts and other products of an investment nature.
The BC said that at this stage the institutions will only provide qualitative and quantitative information on the prices of their products and services, for comparison purposes.
The sharing of financial information of customers in open banking, which will happen at a later time, can only be done with express authorization.
The system’s objective is to foster competition and create opportunities to offer cheaper and more innovative services.
Reference: CNN Brasil
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