Open Banking Brazil’s Adoption of Financial-grade API (FAPI) & FAPI Certification

The OpenID Foundation is pleased to announce the availability of Financial-grade API (FAPI) OP and dynamic client registration (DCR) tests for open banking Brazil. Release notes can be found here: https://gitlab.com/openid/conformance-suite/-/tags/release-v4.1.15

Brazil recently published their open banking technology stack including the security and identity standards that the financial services sector must adopt and implement in multiple phases in 2021. Building on the global and increasingly ubiquitous OpenID Foundation FAPI specification, the Brazilian open banking ecosystem is leveraging the work of the Foundation’s FAPI working group. This includes requirements to support standardized the decoupled authentication standard Client-Initiated Backchannel Authentication (CIBA) that facilitates access to open banking services for user groups that are often underserved. These efforts help ensure that non-digital users can access services offered by third party providers (TPPs,) which is an important step forward for financial inclusion. The OpenID Foundation is currently developing RP/TPP tests specific to Brazil that will be released in the coming weeks.

Brazil’s rapid adoption of open banking technical standards is evidenced by the hundreds of technologists attending the series of OpenID Foundation workshops that focused on the technical implementation of FAPI as well as FAPI conformance testing and self certification. Our Brazilian colleagues will utilize the OpenID Foundation’s Certification Program to ensure FAPI technical conformance needed to meet compliance requirements, which goes a long way towards the interoperability open banking relies upon.

We’re impressed by our new Brazilian colleagues who’ve become members of the OpenID Foundation and their contributions to the Foundation’s working groups that are evolving the OpenID standards. New Foundation members include seven of the 26 banking institutions required to be FAPI conformant and certified by July 15, 2021 under Phase 2 of the Brazilian open banking regulations, as well as a number of fintech service providers in Brazil. Special thanks to the GT Open Banking Information Security Working Group and all who have invested both the human and financial capital needed for secure and safe data sharing in Brazil!

 

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Author: Mike Leszcz

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