Banco Central Eases Data Sharing Consent Renewal in Open Finance

On October 26, 2023, the Central Bank of Brazil published Joint Resolution No. 7, simplifying the process of renewing consents for data sharing in Open Finance. The regulation allows participating institutions to offer longer validity periods than the current 12-month limit for data sharing, maintaining the provision that clients can revoke data sharing at any time.

Simplified Renewal Process

Previously, to renew data sharing, clients had to go through all the steps of obtaining new consent. With the changes brought about by the Resolution, the renewal process is simplified. Clients only need to access the environment of the institution that received their data and confirm their desire to renew the sharing. Initially, this simplified renewal journey will only be available for individual clients, but it will be extended to corporate clients from next year.

Implementation of Open Finance in Brazil

The Governance Structure responsible for implementing Open Finance in Brazil, composed of the main market associations, will develop the technical specifications. The features are expected to be ready to be offered to the public by the end of November 2023.