BC of Brazil discloses staggered registration of APIs in phase 4 of Open Banking

December 13, 2021
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The Central Bank (BC) announced on Friday night (10) the phased launch of interfaces dedicated to sharing data on products from phase 4 of Open Banking, referring to open data on foreign exchange transactions, accreditation services, banking accounts.

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Term deposits and other products of an investment nature, open supplementary pension insurance and capitalization.

In BCB Normative Instruction No. 205, the regulator informed that the start date of the fourth and final phase of Open Banking is maintained for this Wednesday (15), when the participating institutions must start the process of functional certification of the APIs of the products that will be shared, in order to ensure quality and adherence to specifications.

Once the certifications are obtained, registration in the productive environment of the Participant Directory of APIs related to products and services must take place by March 4, 2022 for insurance, open supplementary pensions and capitalization.

For accreditation services in payment arrangements, the deadline is March 11th. Exchange operations have until March 18th. And time deposit accounts and other products of an investment nature must have API registration by March 25th.

In practice, with phase 4, Open Banking evolves into Open Finance, with the sharing of a set of information beyond traditional banking products and services.

The third phase, it is worth remembering, came into effect on October 29, after having been postponed (initially, it was scheduled for August), as anticipated by Finsiders.

The complete functioning of the system is scheduled for September 2022. In practice, the BC 'phased' the implementation of Open Banking, which now has nine stages, between this year and 2022.

Article extracted from: https://finsiders.com.br/

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Term deposits and other products of an investment nature, open supplementary pension insurance and capitalization.

In BCB Normative Instruction No. 205, the regulator informed that the start date of the fourth and final phase of Open Banking is maintained for this Wednesday (15), when the participating institutions must start the process of functional certification of the APIs of the products that will be shared, in order to ensure quality and adherence to specifications.

Once the certifications are obtained, registration in the productive environment of the Participant Directory of APIs related to products and services must take place by March 4, 2022 for insurance, open supplementary pensions and capitalization.

For accreditation services in payment arrangements, the deadline is March 11th. Exchange operations have until March 18th. And time deposit accounts and other products of an investment nature must have API registration by March 25th.

In practice, with phase 4, Open Banking evolves into Open Finance, with the sharing of a set of information beyond traditional banking products and services.

The third phase, it is worth remembering, came into effect on October 29, after having been postponed (initially, it was scheduled for August), as anticipated by Finsiders.

The complete functioning of the system is scheduled for September 2022. In practice, the BC 'phased' the implementation of Open Banking, which now has nine stages, between this year and 2022.

Article extracted from: https://finsiders.com.br/

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.
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