Central Bank defines technical requirements and operational procedures within the scope of Open Banking

On 29 October, the Central Bank of Brazil approved BACEN Resolution 32/2020, which defines the technical requirements and operational procedures for the implementation of Open Banking in Brazil. According to the new regulation, institutions participating in Open Banking, such as (a) data transmitters and receivers; (b) account holders; (c) payment transaction initiation service providers; or (d) those that have signed, as a contractor, a correspondent contract in the country, must register their participation in the repository of participants, as the case may be, (i) by 15 January 2021, in the case of mandatory participation, or (ii) before the start of data sharing within the scope of Open Banking, in the case of voluntarily participating institutions.

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