4 Answers to Key Questions About Open Banking in Brazil

January 19, 2023

Brazil’s new open banking and finance regulations will disrupt the current financial landscape across the country and create new opportunities for innovators. 

Learn the benefits of opening banking in Brazil and everything you need to know about open banking trends. 

No. 1: What are the benefits of open banking?

Banco Central do Brasil describes open banking as a standardized and secure way of sharing data and services so that financial systems can be opened and integrated. Experts expect that open banking will enable the following:

Competition. Standard methods to integrate with a bank will allow more digital services.

Convenience. All citizens have access to the banking system.

No. 2: What is happening now with open banking in Brazil?

New open banking requirements are starting in 2021. Banks must make the following data and services available by API in four phases over the next year:

Phase I. Data on a bank’s locations, products, and services

Phase IV. Full range of transaction data available for FX, insurance, investment services

  • Phase II. Customer account information and transaction data

  • Phase III. Payment initiation services and loan proposals

For the largest banks in Brazil, creating APIs for open banking is mandatory. But this means that the other banks in Brazil can be left even further behind if they don’t act as well. PIX instant payments proved that customers want new digital services to integrate with their bank accounts.

No. 3: How can my bank prepare for open banking?

Global examples show that when banks go beyond regulatory compliance, they create new opportunities through open APIs. Brazil is well-placed to develop new revenue streams from open banking.

The new regulations allow banks to find new sources of revenue after a free access tier is provided. Banks can begin experimenting with potential business models, build new partnerships with fintechs, and test customer demand for services using the AMPLIFY Open Banking Sandbox.

Learn more about open banking pricing

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