On 1 February, the first phase of Open Banking in Brazil came into force, with full implementation scheduled for 15 December 2021.
The so-called ‘open financial system’ is a regulatory initiative by the Central Bank (“BACEN”), which aims to increase efficiency and competition within the scope of the National Financial System, by standardizing APIs and digitizing the process of sharing information, data and services by the institutions that make up the financial system.
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