Economy

Brazil's Central Bank postpones open banking's third phase at the request of institutions and fintechs

In the third phase, which will now begin on October 29, institutions will integrate payment services

Brazil's Central Bank. Photo: Agência Brasil
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The deliberative council of open banking, which brings together financial institutions, entities, and fintechs, asked Brazil‘s Central Bank to postpone the start of open banking’s third phase in the country, and the autarchy accepted the request this Friday. As a result, the third phase that would start on Monday, August 30th, has been postponed to October 29th.

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The council allegedly claimed that institutions and fintechs were not ready for the new integration of payment initiation services. The second phase, which took effect in August, was also postponed to give participants more time to adjust. The date initially planned was July 15th.

After integrating the institutions’ APIs in the first phase, in the second stage, consumers can share their data with other institutions and fintechs in search of better services and offers.

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In the third phase, which will now start in October, institutions will be able to integrate payment services, more specifically PIX, Brazil‘s instant payments system launched in November last year. In this third step, consumers will also be able to authorize an institution to make a payment or even accept credit offers.

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