As Brazil’s financial system modernizes, its data infrastructure is advancing too. Spurred by the popularity of the Central Bank’s PIX instant payment system, initiatives such as Open Finance are also seeing significant progress in adoption.
Three years after its initial implementation, the regulatory framework promoting gradual information sharing among financial institutions and users has reached 42 million active data consents. This represents 15 percent of all banking service users in Brazil, according to the annual Open Finance report.
This growing adoption has propelled Brazil past the United Kingdom in data use consent percentages, a notable achievement as the U.K. served as Brazil’s primary model.
Consequently, the Central Bank has expanded the scope of Open Finance, requiring participation from all relevant financial institutions. Previously, only large institutions were mandated to join. The Central Bank projects this expansion will extend Open Finance’s reach to 95 percent of National Financial System users.