BC postpones the launch of the second phase of open banking until August – Prime Time Zone

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The start of the new stage was scheduled for this Thursday, 15; change meets the request of banks

Adriano Machado/ReutersFirst stage of the system was launched in February this year

O Banco Central (BC) announced on Wednesday, 14, that it will postpone the launch of the second phase of the open banking for August 13th. The opening of the system was scheduled for this Thursday, 15. The step involves the sharing of customer registration and transactional data. In a statement, the national monetary authority stated that the change meets the request of banks, which have not yet completed the tests for obtaining certifications for approval and registration of APIs, as the platform’s programming standards are called. “The Central Bank reinforces its commitment so that open banking achieves its goals, in the case of greater competition, efficiency of the financial system and financial inclusion of the population, remaining vigilant in the implementation process, sparing no efforts to do so,” reported the BC.

Open banking is part of the Central Bank’s modernization agenda and focuses on creating new communication channels and access to financial services. The first phase began in February this year and aimed to share financial data between institutions, previously approved by customers. Also known as the Open Financial System, open banking allows institutions authorized by the BC to exchange personal and banking details of customers. As more banks will have access to the history of account holders, the tendency is for there to be greater competition, more options for consumers to seek advantageous rates and conditions, and less bureaucracy.