Open Finance in Brazil: how it works, which data to share and how to revoke consent

If you want to understand what Open Finance is, which data can be shared and how to revoke a consent, this article provides a practical summary applicable to the Brazilian context. I will explain, step by step, how to check what you are authorizing, which risks to consider, and how to stop sharing when you choose to.

The information below offers general guidance and is based on the rules and explanatory material from the Banco Central do Brasil and the Open Finance Brasil initiative. It does not replace individualized analysis; procedures, menus and limits may change as rules or institutions’ interfaces are updated.

Table of Contents

What is Open Finance (direct answer)

Open Finance is a set of rules and technologies that allows the customer — you — to authorize the sharing of your financial data among institutions, with control over scope, purpose and duration. According to the Banco Central, the idea is to increase competition and the range of financial products, while ensuring that sharing only happens with your explicit consent (

Practical steps to authorize and manage consents

Identify the request: check which institution is requesting access and which platform is asking for the data (who will receive the information).

Read the scope: review which types of data will be shared (e.g., registration data, account statements, contracts), the purpose and the duration. The description should be clear on the authorization screen.

Choose an appropriate duration: authorize for the shortest period necessary for the intended service. You can opt for temporary authorizations.

Authorize only what is necessary: if you can select specific categories of data, allow only those essential to the service.

Review and save proof: when you authorize, save any receipt or record of the authorization provided by the institution.

Monitor the sharing: periodically check the active consents and authorized providers in your institution’s app or website.

Revoke whenever you want: if you decide to cancel, use the consent-management channel of the institution where you gave authorization (app, internet banking or customer service). Under Banco Central rules, you may revoke at any time and should receive confirmation of the revocation (bcb.gov.br).

How to revoke, in practice

Methods for revocation depend on each institution: they are usually available in the mobile app, internet banking or through customer support. The Banco Central requires that consumers have control and be informed about the channels, but menus and procedures can change; consult the institution and the official Open Finance Brasil material (Checklist before authorizing (table)

Item	Why check	Where to find it
Identity of the recipient	Prevents sharing with unknown providers	Authorization screen / terms
Scope of data	Limits what will be accessed	Consent screen
Purpose	Checks whether it makes sense for your goal	Screen and explanatory document
Duration	Avoids open-ended authorizations	Authorization options
Revocation confirmation	Ensures you can cancel later	Institution policy / customer service

Common mistakes

Authorizing a broad scope without need: this releases data that are not essential for the service.
Not checking the duration: leaving authorizations active for long periods without review.
Trusting offers blindly: evaluate the real benefits before sharing.
Ignoring official revocation channels: using messages or third parties to cancel may fail.

Limits and risks

Open Finance increases the customer’s control over their data, but there are risks related to handling and security. Banco Central regulation defines security requirements and requires participants to follow standards; nonetheless, incidents can happen. Always verify that the provider is an authorized institution and follow good security practices (strong passwords, multi-factor authentication, avoid public networks).

For rules and definitions, consult Banco Central and the Open Finance Brasil initiative; remember that menus, limits and procedures may evolve (openfinancebrasil.org.

br).

Frequently asked questions

Questions and answers

Below are concise answers to common doubts.

Sources and updates

Information based on the official pages of the Banco Central do Brasil and the Open Finance Brasil initiative. Check the links below for details and updates, as rules and procedures may change.

This content is informational and does not replace individualized professional advice.

Sources:

Michael Rowan

Michael Rowan is a dedicated writer and researcher specializing in Personal Finance and Investments. With a passion for helping individuals make smarter financial decisions, he creates informative and practical content designed to simplify complex financial topics.