SAO PAULO – The Central Bank published a resolution (BCB n° 133) that postpones the start of the third phase of Open Banking from August 30th to October 29th of this year in order to “meet the demand of the structure responsible for governance the implementation of Open Banking in the country”, says the BC note on the subject.
The BC explained that it received a request from the participating institutions about the need to adjust the technical specifications in order to complete the tests and acquire the certifications that approve the system’s operation. Thus, as the adjustments were not made within the initial deadline, the postponement was necessary.
This step foresees the integration of Pix with Open Banking and will add hundreds of new companies participating in the system.
It is worth remembering, however, that this is the third deadline postponement, considering the initial calendar. The first phase, initially scheduled for November 30, was postponed to February this year, while the second phase, now spread over four cycles, was scheduled to start on July 15th of this year and came into force on August 13th.
“The Central Bank reinforces its commitment so that Open Banking achieves its objectives, in a safe and effective way for the clients of the participating institutions, remaining vigilant in the process of its implementation”, said the BC.
O InfoMoney prepared a special report on Open Banking that encompasses the main concepts and impacts (see here).
How will it work
In practice, the third phase will integrate Pix, through payment initiators, with Open Banking.
The payment transaction initiator (Pisp, in its acronym in English, and ITP in Portuguese) is a type of payment institution (IP), that is, a company that enables purchase and sale services and movement of resources without the possibility to grant loans and financing to its customers.
The so-called Pisp fits this concept, but has different characteristics from other types of IPs that already exist.
“Pisp is a company regulated by the BC which, upon the client’s request, can execute a transaction order. In other words, you can move amounts from one account to another at the user’s request. However, it cannot ‘touch’ the values it is moving”, explains Bruno Balduccini, partner at Pinheiro Neto Advogados and specialist in banking law and financial transactions.
This Pisp figure was created by BC in October 2020, already thinking about this stage that we are going to deal with soon, when Open Banking and Pix begin to integrate.
In practice, it will be simpler to start and make payments, like making a Pix via WhatsApp, for example.
In a recent report, the InfoMoney explained how the payment initiator will work (see here).
The third phase will be divided into four main steps, and there is still no information about subdivisions in each of these steps. See below for the defined dates, for now:
|10/29/21||Payment with Pix|
|02/15/22||Payments with TED and transfer between accounts at the same institution|
|03/30/22||Credit proposal submission|
|06/03/22||Payment of slips|
The idea is that payments are made from the initiator. In other words, at first it will be possible to use WhatsApp, for example, only for payments via Pix – within the scope of Open Banking. Then also using TEDs and so on.
It is worth remembering that the submission of credit proposals is what will enable customers to request credit proposals, such as loans and financing, in electronic environments of several institutions (banks, finance companies, cooperatives, for example) at the same time. It will be easier to compare rates, terms and other conditions, as explained by the BC.