Gabriela de Ávila Machado
Lawyer at Marcos Martins Advogados
On May 4, 2020, Circular No. 4,015 was published, which provides for the scope of data and services of the Open Financial System (Open Banking).
The purpose of Open Banking is to decentralize financial information, which is currently held by the major operators. As a result, consumers will be able to choose the solution they want to use – all with the aim of guaranteeing the holder control of their data. Another advantage is that consumers who decide to change institutions will not lose their financial history.
This will be possible through open APIs – application programming interfaces (APIs), such as logging into websites through Facebook or Google.
The Circular is the result of more than two years’ work by the Central Bank in conjunction with the National Monetary Council. It comes into force on June 1, 2020, and sharing will be implemented gradually and in phases, according to the level of complexity, sensitivity and possibility of access to the shared data.
The law firm Marcos Martins Advogados makes its team available to answer any questions on the subject.
