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New regulation on open banking in Brazil

Publish date: 22 May 2020
Author: Banco Central do Brasil

New regulation on open banking allows the sharing of data and services among financial institutions, payment institutions and other institutions licensed by the BCB — through the opening and integration of systems, in a safe, swift and convenient environment.

The newly issued regulation on open banking (‘Sistema Financeiro Aberto’) enables the sharing of registration and transactional data from individuals or legal entities through a secure, prompt, accurate and convenient manner — at the customers’ discretion, in the case of data and services that identifies the customer. It is an important step in the process of digitizing the financial system, creating an environment conducive to the emergence of new solutions for inclusive, competitive, safe and suitable provision of financial services. 

Expected benefits

Besides allowing financial services being integrated in the customer’s digital journey, open banking also aims at reducing information asymmetry between financial services providers, thus favoring the emergence of new business models and new forms of relationship between participating institutions, their customers and partners. Among the new services that can be offered, it is worth mentioning comparison platforms for financial products and services, financial advisory, financial management, more friendly procedures for payment initiations, etc.

The normative acts provide for the scope of data and services to be shared, the participating institutions, the client's consent and the procedures and controls for costumer’s authentication. Moreover, the regulation establishes rules and principles for the dedicated interfaces employed for the sharing that shall be observed by participating institutions, which shall agree to commit to a convention defining technical standards and operational procedures for open banking implementation. 

Participating institutions are responsible for ensuring the reliability, integrity, availability, security and confidentiality of data and services they share, as well as for meeting customer demands and supporting other participants.

Phased implementation

The open banking in Brazil will be implemented gradually, from November 2020 to October 2021:

Phase I – up to November 2020: public access to information from participating institutions regarding their customer service channels and their products and services related to demand deposit or savings accounts, payment accounts or credit operations;

Phase II – up to May 2021: sharing of customers’ or their representatives’ registry information, and the customers’ transactional data related to products and services listed in Phase I;

Phase III – up to August 2021: sharing of services of initiating payment transactions and forwarding loan proposals; and

Phase IV – up to October 2021: expansion of the scope of covered data, in order to include foreign exchange operations, investments, insurance, and open pension funds, among other financial products.


In April 2019, the Central Bank of Brazil’s (BCB) Board of Governors disclosed the fundamental requirements for implementing open banking in Brazil by means of Communiqué 33,455/2019, which presented the objective, definition, scope, regulatory strategy and actions towards implementation. Afterwards — through the BCB’s Public Consultation 73/2019 — interested parties submitted suggestions and comments, up to January 31, 2020, on the open banking proposed regulation.

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