BC (Central Bank) set a timetable for Implementation of open banking in Brazil. The definition was defined in an extraordinary session of the Council of the University of British Columbia held last Thursday (24) and published in the Official Gazette of the Union on Monday (28).
Open Banking seeks to give clients of financial institutions authority over their registration and transaction data as a means of promoting competition and access to better and cheaper services.
“Institutions participating in Open Banking must implement technical requirements and other operational procedures necessary to share data about service channels, products and services within the scope of Open Banking,” BC notes.
According to the timeline, mechanisms for dealing with and resolving disputes between institutions participating in the system and sharing registration data should be defined by July 15, 2021.
Organizations also have until August 30th to share the service initiating payment transactions Pix and until December 15th to share data about products and services related to customers.
As early as 2022, the service to initiate a payment transfer transaction between accounts in the organization and TED (Electronic Transfer Available) should be established by February 15.
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