Central Bank publishes manuals to implement Open Banking; launches consultation on exchange regulations
20 noviembre 2020


On November 13, the Central Bank published the manuals regarding the scope of open banking data services, governance, application programming interface (API), and security requirements to implement Open Banking in the country. In addition, the entity opened a public consultation to “improve” currency regulation taking into account technological innovations and new business models related to international payments and transfers. Those who are interested may participate until January 29, 2021. 


The governance manual published by the entity (see here) establishes technical requirements and operational procedures to implement the participants’ directory, the new Open Banking portal in the country and the support channels for direct access. In turn, the manual on scope and services (see here), details the areas covered by Open Banking, in compliance with current regulations.


The API manual (see here) presents the standards to be developed by the institutions taking part. The manual includes the design of APIs, transmission protocols and data formats, as well as the specification of minimum availability requirements and their limits. 


The security manual (see here) establishes minimum mandatory security requirements for participating institutions and the other elements making up the Open Banking structure.


In other news, the Central Bank opened a consultation on currency regulations. “The objective is to improve the regulation of exchange rates within the possibilities allowed by the current legal framework, envisaging the latest advances in international payments and transfers, to foster increased competition, financial inclusion and innovation in the sector,” explained Otávio Damaso, Director of Regulation of the agency.


Those interested in participating may submit their comments through the CB’s electronic form until January 29, 2021.

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