Brazil: Central Bank Approves Implementation of Open Banking System and Issues Guidelines

On April, 24, 2019, Banco Central do Brasil (BCB), the country's central bank, approved and issued guidelines to be considered while the open banking system model is implemented.

By adopting an open banking system, the BCB is aiming to increase the efficiency of the national financial system and to protect the sharing of data, products and services of customers in line with the recently approved Personal Data Protection Act.

In the policy released, the BCB lists certain fundamental requirements needed to implement the open banking system model and pointed out that the scope of the model must be extended to:

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