The sharing of information and services between banks, called open bankingwill be extended to other financial institutions and will be called open finance. The National Monetary Council (CMN) today (24) approved a resolution that creates a new regulatory framework for data exchange.
The main difference lies in the scope of the initiative. So far, the open banking was restricted to data and services related to traditional banking products. O open finance provides for the sharing of information about other financial services, such as accreditation, foreign exchange, investments, insurance and pensions.
A first step towards the implementation of the open finance was announced last Tuesday (22), when the Central Bank authorized the rural credit data sharing. In addition to the banks that provide credit to rural producers, the exchange of information will cover sectors such as risk rating agencies, auditing companies, certifiers and capital markets (companies operating in the stock and derivatives market).
To consolidate the migration from open banking to open finance, the Central Bank and the CMN edited a joint resolution to update the nomenclature used in the current regulation. In a note, the BC informed that it discusses, with the Superintendence of Private Insurance (Susep) and the National Council of Private Insurance (CNSP), the possibility of participants in the open insurance (data sharing between insurers) participate in the open finance.
monitoring
By June 30, the BC will approve the definitive governance structure (monitoring structure) for the open finance. This structure will allow the monitoring of the sharing of information and services and will define the punishments for financial institutions that fail to comply with obligations, such as security breaches.
Before setting up this structure, the BC and the CMN incorporated provisions into the regulation to ensure the proper functioning of the open finance. Among the regulated points are good governance practices (administration), internal control policies, risk management, auditing, transparency and communication policies.
In addition to BC and CMN resolutions, financial institutions that are part of the open finance will be subject to obligations established in the agreement signed between the participants. These obligations are written in contracts, precedents, guides and other documents, clarified the Central Bank.
