Brazil is ready for Openbanking regulation

The time for the accumulation of data is becoming shorter for all the traditional banks in Brazil, since the Central Bank and the International Monetary Council decided to announce on Monday, May 4 that the new regulations will come into force in November Open Banking.

Although it was originally believed that these regulations would be delayed due to the pandemic, government officials decided not to postpone the decision of the new legislation.

As this new implementation is established, it will be divided into four stages, each of which will increase complexity and develop in a completely different area of interests, both for users and for fintech companies and the banks themselves, which will start on November 30. and the bank is planned to be fully open for the month of October of the following year.

This model is based on the premise that financial consumers will now become holders of their personal data, this in accordance with the following general data protection regulation which sets out the main objectives and principles of Open Banking and the requirements to achieve obtain the concentration of the consumers themselves as well as their dispositions of these.

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