Central Bank of Brazil announces Open Banking plans

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The Central Bank of Brazil has announced it will start implementing its own Open Banking rules in November 2020.

Due to the current coronavirus crisis there had been reports it could be delayed. However, the bank is to stick to its original timetable despite the speculation.

Under the Open Banking implementation banks will be able to share share customers’ data with third parties that can use the information to offer consumers products. Just like the UK and the rest of Europe, the priority of this move is to inject competition into Brazil’s financial services market.

Delivery times for roll out are reported to be in line with October 2021.