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Open banking has also not been left without innovations introduced due to the headway achieved by ecosystem since it has stepped forward to the next phase identified by BACEN. As for the content of the previous phases, the customers were provided with the opportunities to:

1. obtain clearance to a formalized standard open data concerning financial bodies to get the information related to the service channels and the services proposed by the aforesaid bodies, including rates and tariffs calculated for every single service;
2. share their data with financial actors acting as parties in transactions so they could be proposed better services to be rendered; and
3. 3. obtain access to financial services as follows: payments and forwarding of credit offers on a unified platform, without the necessity to apply any service channels provided by third-party financial bodies. ¹

Lending in Brazil

Fintech in Brazil

Fintech in other countries

Notes

1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/brazil