Customer data sharing under Open Banking commences in Brazil
One of the most important phases of the Brazilian open banking project, which involves the sharing of customer registration and transactional data, has gone live today (13), enabling consumers to request their financial information is shared with other institutions.
The open banking initiative, introduced by the Central Bank of Brazil in early 2019, aims to boost market competition and increase financial education in the Latin American country. Under the model, use of open application programming interfaces (APIs) enable third-party developers to build applications and services around the participating financial institutions, with consumer data shared with their consent.
By Angelica Mari via ZD Net