![]() ![]() Open banking will be implemented through a phased process, where gradually more types of information may be shared after each phase. Open banking is also expected to increase customer satisfaction and convenience. It is hoped that open banking will spur competition in Brazil by reducing the inequality of information between market players. This will allow financial institutions, payment institutions and other companies to securely share data as long as they are licensed by the BCB. On Banco Central do Brasil ( BCB) announced that it would begin to implement open banking regulation in November 2020. United Kingdom: The FCA has published draft additional temporary guidance to strengthen payment firms' prudential risk management and client money safeguarding arrangements in light of COVID-19.īrazil: Implementation of open banking rules to begin in November 2020.The EBA issued this opinion to ensure that the SCA RTS (mandated under PSD2) are implemented consistently. Europe: The EBA has published an opinion under Article 32(3) of the RTS on SCA and CSC (SCA RTS) on obstacles to the provision of payment initiation and account information services in the context of dedicated interfaces.The implementation will consist of four phases, to end in October 2021. Brazil: The Central Bank of Brazil has confirmed that open banking regulations will begin to be implemented from November 2020. ![]() Key developments of interest over the last month include: ![]()
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