Open banking: Central Bank postpones phase 3 and cites need for adjustments | finance

O central bank had scheduled this Monday (30) as the start date of the third phase of the open banking. But last Friday night, the schedule was readjusted. The new deadline is October 29, 2021.


Real notes (image: Emerson Alecrim/Tecnoblog)

Basically, the third phase makes it possible to share data on credit proposals and payment services, including outside the traditional banking ecosystem.

With this, the user who authorizes data sharing will be able to make a payment through a third-party application so that the amount is debited directly from their bank account, for example.

The implementation of the third phase of open banking had already undergone modifications. In June, the Central Bank determined that this phase be divided into three stages. The first one — the one that would start today — will only be valid for transactions via Pix.

The other types of payments or transfers – such as bank slips, debits, TED and DOC – will be gradually integrated until September 30, 2022.

With the third phase, the Central Bank believes that, in addition to advances in payments, customers will find it easier to contract credit. For this, it is necessary that the entire system works properly.

In this sense, the participating institutions asked for an increase in the implementation period so that adjustments could be made to the technical specifications. This is the reason given by the Central Bank for the postponement.

How is open banking today?

Even with the schedule changes, the implementation of open banking advances in Brazil. The first phase started in February 2021 to allow participating institutions to exchange information about banking products and services.

Most importantly, the second and current phase began on August 13th. In it, participating institutions can start sharing customer and representative data, as long as they authorize the procedure.

Open banking: full implementation in 2022

Although the schedule may undergo further adjustments, the Central Bank maintains the plan to complete the implementation of open banking in Brazil by the end of 2022.

The fourth and final phase had its start date maintained at December 15, 2021, despite also following a phased implementation process.

On the date in question, participating institutions will be able to exchange information about exchange, investments, pensions and insurance, for example, but not data on customers of these products. This last possibility is scheduled for May 2022.

The current schedule looks like this:

  • October 29, 2021: start of the third phase, but only for Pix;
  • December 15, 2021: start of the fourth phase, but only to exchange information about financial products;
  • February 15, 2022: inclusion of transfers between accounts of the same bank and TED;
  • March 30, 2022: start of sending credit proposals to customers who join open banking;
  • May 31, 2022: sharing customer data on foreign exchange, investment, pension and insurance transactions;
  • June 30, 2022: inclusion in open banking of payment by bank slips;
  • September 30, 2022: inclusion of debit services.

Tecnocast 179 – Open banking in Brazil

The first phase of open banking was implemented by the Central Bank on February 1st. This is the first step in the future of the Brazilian financial system, which provides for data sharing between banks and can make life much easier for those who want to change institutions or simply hire a new credit service.

But how will open banking work in Brazil? Who can have access to my data? Is this business really safe? Play and find out!


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