First phase of Open Baking has started

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The first phase of the Open Financial System, Open Banking in Brazil, started operating on Monday (o1). The implementation will be done in four stages, gradually, until December. The system is already present in several countries and promises to revolutionize the financial industry in Brazil.

The concept of Open Banking is based on the opening of options for the consumer, allowing him to have more freedom to take financial information wherever he sees fit. The system will make it possible to share customer data – with prior authorization – between financial institutions. The process will be made possible through APIs (Application Programming Interface), which will be responsible for the integration and exchange of information between the systems.

Larger financial institutions will be required to participate, among which are Banco do Brasil, Bradesco, Caixa Econômica, Itaú, Santander, BNDES, Citibank and Credit Suisse. In the first phase, banks will be required to disclose detailed data on their service channels, features and services.

At this time, there will be no sharing of customer data. Registration or financial transaction information can only be shared between participating institutions authorized and supervised by the Central Bank in phase 2. The Bank guarantees that all data will be “fully secure” within the system.

Implementation steps

Implementation is expected to end in the fourth stage, on December 15. Throughout the year, institutions must update their systems to ensure greater security for customers.

Phase 1
The public will be able to access information about products, service channels and services of participating banks. The data are related to credit operations, payment accounts and demand or savings deposits.

Level 2
In the second stage, the institutions will be able to share customer registration and transaction data in relation to the products and services provided in the first phase. The stage must be completed by July 15.

Phase 3
The third phase is called service membership. In it, it will be allowed to initiate payments between participating institutions, allowing the transaction outside the banking environment, as in applications. The stage must be completed by August 30th.

Phase 4
The fourth phase will allow for the expansion of other customer information, such as investments, insurance and foreign exchange transactions that will be shared between the institutions. That is, all services will be integrated into the Open Banking structure. The stage must be completed by December 15th.

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