OPEN-BANKING-BRAZIL

Brazil-wide mandatory Open Finance.

Definition

Open Finance Brazil covers Open Banking (accounts, cards, loans), Open Insurance, Open Investments. Phased rollout 2021-2023. Brazilian technical standard derived from OBIE UK. 60+ million active consents in 2024. Pivot for instant Pix.

Origin

Launched by BCB in 4 phases: Phase 1 February 2021, Phase 4 December 2021.

Example in context

A Brazilian fintech Nubank uses Open Finance to offer loans aggregating Banco do Brasil and Itaú accounts.

Related terms

• Pix — linked instant payment.