It was recently announced that one important phase of the Brazilian open banking project which will include the sharing of customer registration and transactional data has started.
Indeed, with this open banking project, customers will now be able to request their financial information to be shared with other institutions. The open banking initiative was introduced by the Central Bank of Brazil in 2019 and hopes to improve market competition and financial education in the country
This model of open application programming interfaces (APIs) enables third-party developers to build applications and services around the various participating financial institutions. The project aims to modernize the system of data sharing as well as allow consumers to pay bills and money transfers outside of their bank’s environment.