Central Bank postpones implementation of the third phase of open banking

The Central Bank (BC) reported last Friday (27) that it postponed the start of the third phase of the implementation of open banking, initially scheduled for this Monday (30). Now, banking institutions will have until October 29 this year to allow the sharing of the payment transaction initiation service and the forwarding of credit transaction proposals between different companies.

In a note published on its website, the BC stated that it postponed the date due to “the need for adjustments in the technical specifications, which compromised the deadline for carrying out tests for the certification of institutions”. According to the institution’s plans, the third phase of open banking includes the following steps:

October 29: payments with PIX; February 15, 2022: payments with TEDs and transfers between accounts of the same institution; March 30, 2022: submission of the credit proposal; June 30, 2022: payments with bank slips; September 30, 2022: Debited payments.

With the adoption of Open Banking, the Central Bank intends to make life easier for consumers, who will be able to move between services of different banking institutions more easily. With the adoption of the credit proposal submission, for example, a person will be able to request loans and financing to several banks, financial institutions and cooperatives at once. The first novelty that should reach consumers is the possibility of using PIX as an integrated payment method between different institutions.

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Central Bank adjusts Open Banking schedule. Learn more: https://t.co/he1atGr7aY

— Central Bank BR (@BancoCentralBR) August 27, 2021

This is not the first time BC has been forced to postpone technology implementation dates: the first phase was initially supposed to go into operation in November 2020, but it was only implemented in February this year. The same happened with the second phase which, initially scheduled for July 15th, came into force on August 13th.

So far, Phase 4 of Open Banking in Brazil is scheduled for December this year, which provides for the sharing of data and services related to foreign exchange, investment, insurance and pension operations. In addition to the ease of transitioning between financial institutions, the technology will also allow companies to offer more varied products and reduce their costs, since all APIs used are open and shared.

Source: Central Bank, G1, Infomoney

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