Open banking: data sharing starts this Friday (13) | finance

The second phase of open banking It’s starting. From this Friday (13), it will be possible to share customer data between different financial institutions, which tends to facilitate access to products offered by companies. But the information will only be passed from one platform to another with the consumer’s permission.


Second stage of open banking starts this Friday (13) (image: Rodrigo Dia Tome/ Flickr)

The new stage follows the regulation of the system announced in the middle of last year. With it, participating institutions can start sharing customer and representative data. “It is in this second phase of implementation that a more direct interaction with the end customer will begin,” said Isaac Sidney, president of the Brazilian Federation of Banks (Febraban), this Tuesday (10).

Data sharing will enable the sharing of registration information, such as name, CPF and income, and financial transactions. But this data will not be forwarded without the user’s knowledge, much less without his authorization. For that to happen, the client must give consent to the platforms.

According to Febraban, the second stage will come into effect in a “scheduled way”. It is expected that “there will be a gradual increase in the exchange of information” to “ensure that the process is carried out in the safest and most efficient way possible”. Check the schedule informed by the Brazilian Federation of Banks below:

  • Between 08/13 and 09/12: “institutions will be able to start exchanging customer registration information, such as address, income and personal data”;
  • Between 09/13 and 09/26: “the exchange of information related to movement accounts will begin”;
  • Between 09/27 and 10/10: “credit transactions and credit card information may be exchanged”;
  • As of 10/11: “all APIs will be up and running 24 hours a day, 7 days a week.”
Real notes (image: Emerson Alecrim/Tecnoblog)
Real notes (image: Emerson Alecrim/Tecnoblog)

Open banking: implementation to be completed in 2022

Open banking is a new system that comes with the promise of decentralizing financial information, reducing bureaucracy and encouraging competitiveness among companies. The proposal aims to give more freedom to the clients of the participating institutions. In addition, the solution is expected to facilitate access to the offer of banking services, such as credit cards, loans, investments and the like.

The regulation of the system was announced in May 2020. At the time, the Central Bank and the National Monetary Council (CMN) informed that the implementation would take place in four stages. The first of them, which provided for the distribution of information about products, services and service channels offered by the participating institutions, started in February 2021.

The second phase kicked off this Friday (13) after being postponed in July. At this time, the exchange of information will begin, provided the consumer gives consent. The third stage, scheduled for August 30, provides for the offering of credit proposals and payment services outside the traditional banking ecosystem.

The fourth phase, which will start on December 15, includes the last implementation period. It is at this stage that the inclusion of services will begin, such as investments, foreign exchange operations, open pension funds and insurance. The expectation is that the full implementation of open banking will only take place in 2022.

Tecnocast 179 – Open banking in Brazil

The first phase of open banking was finally 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 on Tecnocast 179 and find out:


With information: Agência Brasil and Febraban

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