May 4, 2020 / 4:16 PM / a month ago

Brazil's central bank to implent open banking in November

SAO PAULO, May 4 (Reuters) - Brazil’s central bank on Monday said it will start implementing the so-called open banking rules in November, sticking to its original timetable despite speculation it might have been pushed back due to the coronavirus crisis.

Under the open banking rules, banks will share customers’ data with third parties that can use the information to offer consumers products, in a move expected to spur competition in Brazil’s highly concentrated banking market.

The central bank estimates that open banking will be fully implemented by October 2021. (Reporting by Aluisio Alves, writing by Carolina Mandl)

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