As Brazil’s financial system modernizes, so too is its data infrastructure, with initiatives like Open Finance seeing strong adoption, fueled by the growing popularity of the central bank’s PIX real-time payments system.
The regulatory framework, which gradually encourages information sharing between financial institutions and users, has reached 42 million valid data consents three years after its initial implementation. 15% of Brazilian bank users According to the annual Open Finance report.
This expansion has allowed Brazil to overtake the UK in data consent rates, a notable achievement given that the UK has been Brazil’s primary model.
As a result, the Central Bank has expanded the scope of Open Finance to require the participation of all relevant financial institutions. Previously, only larger institutions were required to participate. The Central Bank expects that this expansion will increase the scope of Open Finance to 95% of national financial system users.
A new technological frontier?
Despite these advances, 85% of bank customers still don’t agree…