What would “open banking” mean for Brazilian customers?

“Open banking” is an increasingly familiar term in major global markets but has yet to break any real ground in Brazil. This, however, could be about to change. Last week, the Central Bank issued a list of guidelines to implement an open banking system in Brazil, which could spell good news for the country’s consumers.

The concept of “open banking” is built upon the use of open application programming interfaces (APIs) containing customers’ banking data, which can then be used by third-party developers to create platforms to help manage finances or carry out specific services.

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