MICROCAPITAL BRIEF: Central Bank of Brazil Launching Open Banking Regulations in Partnership with TecBan, Ozone

Banco Central do Brasil (BCB), the central bank of Brazil, is introducing open banking regulations “enabling licensed institutions to share customer data” with the goal of encouraging “the rise of comparison platforms, financial management tools and more customer-friendly payment initiation procedures.” The central bank plans to implement the regulations in four phases, from November 2020 through October 2021.

Ozone, a UK-based financial technology (fintech) firm, is partnering with Brazil’s TecBan, an operator of automated teller machines, to provide assistance to firms regarding the new regulations. The mission of Ozone is “to help accelerate the development of the open banking ecosystem.” Financial data on the firm are unavailable.

TecBan has 23,000 automated teller machines in Brazil, and it also provides cash transport and telecommunication services. Financial data on the firm are available in Portuguese.

BCB is the primary regulatory authority tasked with establishing Brazil’s monetary policy and supervising the country’s financial and macroeconomic policies.

By Simrun Kothari, Research Associate

Sources and Additional Resources

BCB press release
https://www.bcb.gov.br/en/pressdetail/2330/nota

Ozone press release
https://ozoneapi.com/2020/05/15/tecban-and-ozone-bring-open-banking-to-brazil/

Finextra article
https://www.finextra.com/newsarticle/35854/brazil-introduces-open-banking

TecBan homepage
https://www.tecban.com.br/

TecBan financials
https://www.tecban.com.br/sobre-nos/

Ozone homepage
https://ozoneapi.com/

Previous Microcapital news on BCB
https://www.microcapital.org/microcapital-brief-central-bank-of-brazil-launches-financial-inclusion-action-plan/

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