March 26, 2024

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For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page.

Regulatory Developments

Brazil: Open Banking moves into its fourth stage

It is expected that the implementation of the next, fourth stage of Open Banking in Brazil will begin on 15 December 2021.

The first phase of the program took effect in February 2021, opening service channels to consumers. The second phase of the program, which took effect in August 2021, involved the sharing of customers’ registration and transactional data, with their prior consent. The third phase of the program started at the end of October 2021, and involved facilitating sharing payment transactions between participating institutions, and introducing a system allowing for credit transaction proposals to be shared amongst financial institutions and correspondents in Brazil.

The fourth phase will provide for the exchange of information about foreign exchange, investments, pension plans and insurance services. Additional phases are expected in the first half of 2022.

For more information on this development, take a look at this Engage article by members of Hogan Lovells’ São Paulo office.

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United Kingdom: FCA publishes policy statement on changes to SCA RTS, Payment Services Approach Document and PERG

On 29 November 2021, the FCA published a policy statement (PS21/19) on changes to its (i) on-shored Regulatory Technical Standards on strong…

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