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Implementation of Open Investments in Brazil begins and marks the start of another phase of Open Finance

October 2, 2023
Por
Banco Central BR
Banco Central BR
Es la máxima autoridad monetaria en Brasil, encargada de las finanzas y la economía en el país.
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LFH
The clients of Open Finance participating institutions can share their data on investment-related products and services.
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Sharing investment data marks the start of another phase of Open Finance, a broader initiative that already allows customers to share their data on traditional banking products, as well as to make payments and transfers between institutions.

"With Open Investment, banks will be able to offer investment-related products and services that better suit their customers and facilitate financial management. One of the potential benefits is that it will be easier and faster to consolidate investment data that is dispersed among several custodians - institutions that intermediate asset purchase and sale transactions," said Matheus Rauber Coradin, senior advisor at the Central Bank's (CB) Financial System Regulation Department.

To do this, the client accesses the application or internet banking of the institution that wishes to receive the information and authorises it to search for their investment data in other custodians.

"Another advantage is being able to receive better offers in terms of rates of return and also more precise advice on portfolio management," explains Matheus Rauber Coradin.

What are the products that are part of this new phase?


- Certificate of Bank Deposit (CDB);
- Bank Depository Receipt (RDB);
- Real Estate Bills of Credit (LCI);
- Agro-industrial Bills of Credit (LCA); and
- Real Estate Credit Certificates (CRI);
- Agribusiness Credit Certificates (CRA);
- Bonds;
- Federal government bonds made available by Treasury Direct;
- Mutual fund shares (fixed income, equity, foreign exchange and multi-market);
- Equities;
- Holdings in exchange-traded index funds.

The scope of investments will be accessible to individuals and firms that are clients of institutions participating in Open Finance in the form of data sharing, all of which are authorised and supervised by the Central Bank. It should be noted that the sharing only takes place at the customer's request.

Initially, this functionality will be offered by participating institutions already operating in the Open Finance data sharing mode.

"The Central Bank, however, is working to expand this scope, making the participation of institutions representative of the investment segment and authorised to operate by the authority mandatory," says Matheus Rauber.

It should also be noted that the implementation of the exchange of investment data in Open Finance by institutions authorised by the Central Bank, especially banks, brokers and securities dealers, does not depend on the regulation of the Securities and Exchange Commission (CVM).

Who participates?

Open Finance's open_in_new Governance Structure portal lists the open_in_new institutions that are part of this arrangement. The Governance Structure is the organisation responsible for the technical implementation of the initiative in Brazil and brings together different associations representing the financial system.  
The fourth phase of the initiative will also include foreign exchange and accreditation data, scheduled for 2024.

Security

From the first half of 2023, participating institutions publish the characteristics of the investment products they market. This phase did not include the possibility for customers to share their data in this area, which is now opened up.

There is no specific application or registration requirement for data sharing, and there is no centralised platform for security reasons. All regulated institutions can participate. The interested person or company simply needs to access the digital channels (app or browser) of the institution with which they wish to share their data and search for "Open Finance" in the options menu. The sharing will only take place between these two institutions.

Participating institutions will only be able to share customer data and services upon request once the following steps have been taken:

- Consent
- Authentication
- Confirmation

For more information on how Open Finance data sharing works, please visit the "How it works" page of the governance structure portal: https://openfinancebrasil.org.br/como-usar-o-open-finance/open_in_new.

About Open Finance

Open Finance is an initiative led by the Central Bank and technically implemented by the Governance Framework with the aim of giving people power over their own financial data. The project makes it possible for anyone to share their own financial information with institutions other than those with which they have an account, easily and conveniently.

The exchange only takes place between the participating institution chosen by the customer to receive the information and the institution where they have an account and which is also part of the ecosystem. In addition to having to follow traditional cybersecurity rules, participating institutions are required to have specific security certificates. These certificates follow international standards and are the same as those adopted in other similar ecosystems, such as in the UK.

Important Institutions that partner with entities not authorised to operate by the Central Bank to share data in the field of Open Finance must also comply with the rules approved by the Central Bank and the National Monetary Council (NMC), including with regard to sharing responsibilities.

Currently, there are more than forty million active consents for data sharing in the Open Finance domain.

From Friday (29/9), clients of Open Finance participating institutions can share their data on investment-related products and services. With Open Investment, as the new phase of the open financial system has been named, interested customers will be able to share with the participating institution of their choice data on investment products they hold at other institutions also participating in the ecosystem.

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.

Sharing investment data marks the start of another phase of Open Finance, a broader initiative that already allows customers to share their data on traditional banking products, as well as to make payments and transfers between institutions.

"With Open Investment, banks will be able to offer investment-related products and services that better suit their customers and facilitate financial management. One of the potential benefits is that it will be easier and faster to consolidate investment data that is dispersed among several custodians - institutions that intermediate asset purchase and sale transactions," said Matheus Rauber Coradin, senior advisor at the Central Bank's (CB) Financial System Regulation Department.

To do this, the client accesses the application or internet banking of the institution that wishes to receive the information and authorises it to search for their investment data in other custodians.

"Another advantage is being able to receive better offers in terms of rates of return and also more precise advice on portfolio management," explains Matheus Rauber Coradin.

What are the products that are part of this new phase?


- Certificate of Bank Deposit (CDB);
- Bank Depository Receipt (RDB);
- Real Estate Bills of Credit (LCI);
- Agro-industrial Bills of Credit (LCA); and
- Real Estate Credit Certificates (CRI);
- Agribusiness Credit Certificates (CRA);
- Bonds;
- Federal government bonds made available by Treasury Direct;
- Mutual fund shares (fixed income, equity, foreign exchange and multi-market);
- Equities;
- Holdings in exchange-traded index funds.

The scope of investments will be accessible to individuals and firms that are clients of institutions participating in Open Finance in the form of data sharing, all of which are authorised and supervised by the Central Bank. It should be noted that the sharing only takes place at the customer's request.

Initially, this functionality will be offered by participating institutions already operating in the Open Finance data sharing mode.

"The Central Bank, however, is working to expand this scope, making the participation of institutions representative of the investment segment and authorised to operate by the authority mandatory," says Matheus Rauber.

It should also be noted that the implementation of the exchange of investment data in Open Finance by institutions authorised by the Central Bank, especially banks, brokers and securities dealers, does not depend on the regulation of the Securities and Exchange Commission (CVM).

Who participates?

Open Finance's open_in_new Governance Structure portal lists the open_in_new institutions that are part of this arrangement. The Governance Structure is the organisation responsible for the technical implementation of the initiative in Brazil and brings together different associations representing the financial system.  
The fourth phase of the initiative will also include foreign exchange and accreditation data, scheduled for 2024.

Security

From the first half of 2023, participating institutions publish the characteristics of the investment products they market. This phase did not include the possibility for customers to share their data in this area, which is now opened up.

There is no specific application or registration requirement for data sharing, and there is no centralised platform for security reasons. All regulated institutions can participate. The interested person or company simply needs to access the digital channels (app or browser) of the institution with which they wish to share their data and search for "Open Finance" in the options menu. The sharing will only take place between these two institutions.

Participating institutions will only be able to share customer data and services upon request once the following steps have been taken:

- Consent
- Authentication
- Confirmation

For more information on how Open Finance data sharing works, please visit the "How it works" page of the governance structure portal: https://openfinancebrasil.org.br/como-usar-o-open-finance/open_in_new.

About Open Finance

Open Finance is an initiative led by the Central Bank and technically implemented by the Governance Framework with the aim of giving people power over their own financial data. The project makes it possible for anyone to share their own financial information with institutions other than those with which they have an account, easily and conveniently.

The exchange only takes place between the participating institution chosen by the customer to receive the information and the institution where they have an account and which is also part of the ecosystem. In addition to having to follow traditional cybersecurity rules, participating institutions are required to have specific security certificates. These certificates follow international standards and are the same as those adopted in other similar ecosystems, such as in the UK.

Important Institutions that partner with entities not authorised to operate by the Central Bank to share data in the field of Open Finance must also comply with the rules approved by the Central Bank and the National Monetary Council (NMC), including with regard to sharing responsibilities.

Currently, there are more than forty million active consents for data sharing in the Open Finance domain.

From Friday (29/9), clients of Open Finance participating institutions can share their data on investment-related products and services. With Open Investment, as the new phase of the open financial system has been named, interested customers will be able to share with the participating institution of their choice data on investment products they hold at other institutions also participating in the ecosystem.

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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