Webinar with Business Sweden Brazil
Despite the current crisis, the Brazilian Central Bank has reinforced its commitment to keep the wheels of modernization turning and has just (last Monday) issued the regulatory framework for the open banking.
Here are some of the highlights:
· The participations of the larger financial institutions will be mandatory;
· The participants will be financial institutions, payment institutions, and other institutions authorized by the central bank;
· The implementation will be divided in 4 phases:
· Phase 1 (November 2020): participants will be sharing information about their offering, banking correspondents, and channels offered to the clients;
· Phase 2 (May 2021): client personal and transactional information will be shared;
· Phase 3 (August 2021): Payment initiation services should be made available;
· Phase 4: (October 2021): expansion of the scope of data to include foreign exchange operations, investments, insurance and private pensions;
· Definition of parameters for hiring (unregulated) partners to support the participant service offering;
· Definition of number of free interface calls:
· Technological and operational standards as well as cost responsibility will be defined jointly by the participants under the close supervision (and subject to approval) of the central bank.
Besides open banking, there are also other movements in the market that can be worth being aware of, including:
· Delayed implementation of data protection law (LGPD);
· Public consultation for instant payment regulation;
· Self-regulatory framework for marketplaces expected to be released in the coming weeks;
· BNDES, one of the largest development banks in the world (behind only China, Germany and Japan) is working to find a framework to allow credit fintech to offer their funds to companies. Changes in the regulatory framework regarding receivables from payments ecosystem;
· Expressive transition of consumers from offline to online transactions due to COVID-19 impacts.
Given the recent changes, we, together with Bexs Bank, will host a webinar on June 3rd, at 15:00 (CEST) for a more detailed update and allow for an open discussion. Sign up for the webinar here!