Central Bank postpones next step of open banking framework

open banking central bank
Photo: Marcelo Camargo/ABr

The Central Bank announced that the third phase of its open banking project — initially scheduled for today — will now begin on October 29, 2021, postponing integration with instant cash-transfer system PIX upon financial institutions’ requests. 

According to the bank, private institutions asked for more time to test new technical features. The postponement of phase three comes after monetary authorities announced new PIX transaction limits, after a spate of scams and express kidnappings around Brazil, as explained in today’s edition of our Brazil Weekly newsletter.

This is not the first time open banking has suffered delays in Brazil, as previous phases were postponed to give institutions time to adapt. Phase two began as recently as August 13, and allows customers to share their data with financial institutions, which will eventually lead to the creation of new projects. 

The fourth and final phase is still scheduled for December 15, 2021, involving other financial products such as investments and insurance.