The fourth phase of open banking begins today
The fourth phase of open banking came into operation today (15) and should take place in a staggered manner until March 25, 2022. From this stage on, financial institutions will be able to share data related to foreign exchange transactions, accreditation services, deposit accounts term and other products of an investment nature, open supplementary pension insurance and capitalization.
“With phase 4, open banking starts sharing a set of information in addition to traditional banking products and services, which marks the beginning of its migration to Open Finance ”, explained the Central Bank (BC), in a statement.
As of this Wednesday, participating institutions must start the process of functional certification of the application programming interfaces (API) of the products that will be shared. The objective is to guarantee the quality and adherence to the systems' specifications.
Once the certifications are obtained, registration must take place by March 4 of the next year for insurance, open supplementary pension and capitalization; March 11 for accreditation services in payment arrangements; March 18 for foreign exchange transactions; and March 25, 2022 for time deposit accounts and other products of an investment nature. The schedule was released by BC last week.
Open banking is the standardization of the process of sharing data and financial services by institutions authorized to operate by BC, through the opening and integration of technology platforms and infrastructures. Through the system, customers have power over the information collected by banks and can authorize sharing to other institutions.
Timeline
In force since February 1st, the first stage of open banking allowed the sharing of information from the financial institutions themselves to the public, such as characteristics and prices of banking products and services, service channels and branch locations.
The second phase of open banking , which involved the sharing of customer records and transactions between financial institutions, began on August 13th.
And the third stage began on October 29, with the exchange of information about transfer services via Pix, the instant payment system, in place since the end of last year. Next year, the forecast is for the gradual sharing of the other payment arrangements: transfers between accounts of the same bank and TED on February 15th, bank slips on June 30th and debits on September 30th.
Text translated using artificial intelligence.
