The National Monetary Council (CMN) approved this Thursday (24) a resolution that officially launches the Open Finance project.
The action will replace Open Banking, which provides for the sharing of data and services related to banking products, to also provide information on accreditation, foreign exchange, investments, insurance and pension services.
With this migration, the CMN and the Central Bank (BC) will update the regulatory treatment for this new nomenclature in Joint Resolution No.
“This is expected to facilitate understanding by the general public, since the profusion of terminologies (Open Banking and Open Finance) makes the understanding of the initiative more complex, and may even affect, on the part of clients, the predisposition to to the use of products and services”, informed the BC, in a note.
In addition, the standard determines that the Open Finance governance model will be defined by the BC until June 30th.
“Considering the experience acquired with the implementation of the initiative so far, there was a need to explain some attributions and duties of this structure for monitoring and solving problems arising from non-compliance by institutions with their obligations within the scope of the Open Finance ecosystem ”, said the monetary authority.
The standard that created Open Finance incorporated provisions into the regulation aimed at guaranteeing the functioning of the ecosystem. Among them are good governance practices, such as internal control policies, risk management, auditing, transparency and communication.
Source: CNN Brasil
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