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The Central Bank of Brazil has postponed to June of 2022 the deadline for Open Banking participants to define their definitive governance structure.
The initial deadline was the 25 October 2021, and the extension was due to changes in the schedule of the initial phases of Open Banking implementation in the country — and also due to the increase in its scope, with the inclusion of products such as investments and insurance.
The governance structure is the group responsible for the process of implementing the Open Banking system in the country. The group works based on rules established by the Central Bank of Brazil, which guarantees the representativeness and non-discriminatory access of participating institutions and also resolves any eventual interest conflicts.
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