The Central Bank (BC) postponed to June of 2022 the deadline for open banking participants to define their definitive governance structure. The announcement was made on Wednesday (6).

The initial deadline was the 25th of this month, and the extension, according to the autarchy, was due to changes in the schedule of the initial phases of open banking implementation in the country — and also due to the increase in its scope, with the inclusion of products such as investments and insurance.

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The governance structure is the group responsible for the process of implementing the open banking system in the country. The group works based on rules established by the BC, which guarantees the representativeness and non-discriminatory access of participating institutions and also resolves any eventual interest conflicts.

“The definition of this new deadline aims to make it possible to direct the market’s short-term efforts to the implementation of the phases and, at the same time, allow for a greater maturity of the market regarding the model to be adopted, in view of this broader scope of data and services,” said Central Bank’s statement.

Currently, there is an initial structure in operation formed by representatives of segments such as banks, credit unions, finance companies, fintech, and payment institutions.

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Brazilian open banking is part of “Agenda #BC”, a Central Bank’s agenda focused on technological evolution to develop and strengthen the efficiency of the financial system, the modernization of the laws that govern this system, competitiveness and transparency.

Open banking allows clients of financial institutions to authorize the sharing of their registration and transaction data, in order to foster competition in the sector and make room for the offer of new services at lower prices.