The Central Bank released, this Friday (10), the schedule for the staggered implementation of the fourth phase of open banking, which starts to take effect next week. The stage foresees the integration of non-banking services to the system, such as pensions, foreign exchange and investments, by March 2022.
The inclusion of these products initiates the expanded format of open banking, known as open finance.
The fourth phase starts next Wednesday (15), when banks will have to start the process of functional certification of APIs — sets of protocols that allow a system to connect to another to consume data in a standardized way — of the services that will be shared .
After obtaining the certificates, the banks must register the information in the APIs. For insurance, supplementary pension and capitalization services, the deadline is March 4 of the next year.
Accreditation services in payment arrangements (card machines) will have until March 11 to register. Exchange operations, on the other hand, must be integrated by March 18th.
Information about investment products must be shared by March 25, 2022.
Open banking is a set of rules and standards established by BC for data sharing, under the express authorization of the client, between financial institutions.
The model gives consumers the possibility to authorize or not that banks and fintechs consult their banking history and other information, which was previously private and difficult to access, even for the user.
In the fourth phase, the BC determines that information on non-banking financial services is also made available.
That way, he doesn’t need to build a new relationship when migrating from institution, he can just take his data. In addition, the system allows more advantageous products and services to be offered by banks with which it has no ties.
“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,” stated the BC in a note.
SCHEDULE OF THE FOURTH PHASE OF OPEN BANKING
December 15, 2021 – Start of certifications of participating institutions
- Until March 4, 2022 – Integration of insurance, open private pension and capitalization
- Until March 11, 2022 – Integration of accreditation services in payment arrangements (card machines)
- Until March 18, 2022 – Integration of foreign exchange operations
- Until March 25, 2022 – Integration of investment products
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