Central Bank regulates Open Banking in Brazil

On 5 May, 2020, the Central Bank and the National Monetary Council issued a Joint Resolution nº 1/2020 and a notice nº 4015/2020 to implement and regulate an Open Banking system. The main goals of Open Banking are to incentivize innovation, competition and the efficiency of the National Financial System and the Brazilian Payment System. According to the new regulation, Open Banking means that institutions regulated by the Central Bank must, using the proper interfaces and integrated systems, engage in a standardized sharing of data and services. The new Joint Resolution establishes, among other rules, the scope, goals and principles of Open Banking as well as the requirements for data and service sharing.

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