What is the Open Finance Brasil implementation timeline?

2020-05-01: New regulation published. 2021-02-01: Phase 1: Product/service data and channel information. 2021-07-01: Phase 2: Customer personal and transactional data. 2021-08-01: Phase 3: Payment initiation via PIX. 2021-12-01: Phase 4: FX, investments, insurance, retirement funds. 2022-02-01: Payment initiation via TED and same-bank transfers. 2022-03-01: Credit transaction proposals sharing. 2022-06-01: Payment initiation via bill of exchange. 2022-09-01: Debit account services sharing

Open Finance Brasil - Brazilian Open Finance

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Jurisdiction

Brazil

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Effective Date

2021

Feb 1, 2021

✅

Full Compliance

2024

Apr 30, 2024

🏛️

Regulator

Banco Central do Brasil

Overview

Open Finance Brasil is a mandatory, Central Bank-regulated ecosystem and the world's largest Open Finance implementation. Launched in 2021, it enables secure data sharing and service integration across financial institutions to boost competition, enhance product offerings, and improve financial inclusion. The framework evolved beyond traditional banking to cover insurance, investments, and foreign exchange. Built on LGPD (2018), Agenda BC# (2019), BCB Circular No. 4,015/2020, and the Joint Resolution (May 2020), it was implemented in four phases: Phase 1 (Feb 2021) for product/service data; Phase 2 (Aug 2021) for customer registration and transactional data; Phase 3 (Oct 2021) for payment initiation and credit forwarding; Phase 4 (Dec 2021) expanding to FX, investments, and insurance. Heavily integrated with PIX instant payments, which processes over 6 billion transactions monthly.

Scope & Coverage

BankingInsurancePensionsInvestmentsFXCredit ForwardingPayment Initiation

Key Requirements

LGPD compliance (Brazil's GDPR equivalent)

Mandatory participation for major financial institutions

User consent required for data sharing (valid up to 12 months, revocable anytime)

PIX instant payment integration (24/7, real-time, free for individuals)

Standardized API-based data sharing protocols

Data reciprocity requirement for voluntary participants

Implementation Timeline

May 1, 2020

New regulation published

Feb 1, 2021

Phase 1: Product/service data and channel information

Jul 1, 2021

Phase 2: Customer personal and transactional data

Aug 1, 2021

Phase 3: Payment initiation via PIX

Dec 1, 2021

Phase 4: FX, investments, insurance, retirement funds

Feb 1, 2022

Payment initiation via TED and same-bank transfers

Mar 1, 2022

Credit transaction proposals sharing

Jun 1, 2022

Payment initiation via bill of exchange

Sep 1, 2022

Debit account services sharing

Official Documents & Resources

Open Finance Brasil Portal

Explainer Video (YouTube)

Key Notes

World's largest Open Finance ecosystem by scope. PIX processes 6+ billion monthly transactions with a record 252.1M on Dec 20, 2024. Key players: Nubank (~90M clients), PicPay (60M+ users), Mercado Pago. Pix Automatico (recurring payments) and NFC tap-to-pay launching in 2025. Designed to stimulate credit and foster innovation.