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.
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