BCB Normative Instruction No. 706 — Publishes version 3.0 of the Open Finance Monitoring Manual

BCB NORMATIVE INSTRUCTION No. 706, OF JANUARY 29, 2026

Publishes version 3.0 of the Open Finance Monitoring Manual.

The Heads of the Department of Regulation of the Financial System (Denor), the Department of Supervision of Cooperatives and Non-Banking Institutions (Desuc), the Department of Banking Supervision (Desup), and the Department of Information Technology (Deinf), in the exercise of the powers conferred upon them by art. 23, item I, subparagraph "a", of the Internal Regulations of the Central Bank of Brazil, annexed to BCB Resolution No. 340, of September 21, 2023, based on art. 3, item VI, of BCB Resolution No. 32, of October 29, 2020,

R E S O L V E :

Art. 1 This Normative Instruction publishes version 3.0 of the Open Finance Monitoring Manual, which is mandatory for participating institutions, as per the Annex.

Sole Paragraph. The manual referred to in the caput, in its most recent version, will be accessible on the Open Finance page on the Central Bank of Brazil's website and on the Open Finance Portal in Brazil, maintained by the Open Finance Governance Structure referred to in art. 44, § 1, of Joint Resolution No. 1, of May 4, 2020.

Art. 2 Normative Instruction No. 575, of December 20, 2024, published in the Official Gazette of the Union on December 23, 2024, is hereby revoked.

Art. 3 This Normative Instruction comes into force on the date of its publication.

MARDILSON FERNANDES QUEIROZ ADALBERTO FELINTO DA CRUZ JUNIOR Head of Denor Head of Desuc

RICARDO SIVIERI ZENI CAIO MOREIRA FERNANDES
Acting Head of Desup Head of Deinf

ANNEX TO BCB NORMATIVE INSTRUCTION No. 706, OF JANUARY 29, 2026

Open Finance Monitoring Manual Version 3.0

Summary of changes

Date	Version	Description of changes
.../1/2026	3.0	Subsection 2.4: alteration of rules for sending reports to the Metrics Collection Platform (PCM).
Subsection 2.6.2: alteration of the minimum conversion rate calculation formula.
Subsection 3.2.1: inclusion of completeness analysis for the non-compliance situations report.
Subsection 3.2.2: establishment of new rules for the execution of adequacy plans.
Subsection 3.2.3: alteration of the deadline for presenting the diagnosis on the conversion rate from calendar days to business days.
Subsection 3.3: update of item VI with new roles related to credit portability.
Subsection 3.4.1: inclusion of explanation about a second repeated occurrence.

Terms of Use

This manual defines the basic principles of Open Finance monitoring, complementing the current regulation on the topic.

The manual will be reviewed and updated periodically to preserve compatibility with the regulation, as well as to incorporate improvements resulting from the evolution of Open Finance.

More detailed information and examples of the application of this manual can be found on the Open Finance Portal in Brazil (https://openfinancebrasil.org.br/), maintained by the Open Finance Governance Structure.

Suggestions, criticisms, or requests for clarification of doubts regarding the content of this document can be sent to the Central Bank of Brazil through the institutional channels of this authority.

References

These specifications are based on, reference, and complement, where applicable, the following documents:

Reference	Origin
Joint Resolution No. 1, of 2020	https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20Conjunta&numero=1
BCB Resolution No. 32, of 2020	https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=32
Law No. 13,709, of 2018, General Personal Data Protection Law (LGPD)	http://www.planalto.gov.br/ccivil_03/_ato2015-2018/2018/lei/L13709.htm

1. Introduction

This manual was prepared with the objective of ensuring that the monitoring of Open Finance, to be carried out by the Open Finance Governance Structure, is capable of verifying whether participating institutions are in compliance with the obligations provided for in the Central Bank of Brazil's regulation and in documents prepared by the Open Finance Governance Structure, as defined by current regulation.

It is worth noting that the determinations regarding the monitoring of technology services established in this manual are complementary and not exclusive in relation to what is determined by the Manual of Services Provided by the Open Finance Governance Structure.

This monitoring manual is not limited to technology issues, as adequate monitoring of the Open Finance infrastructure involves different aspects, being a condition for the system to continue evolving in an agile, efficient, and secure manner.

Among these aspects, the following items stand out:

I - performance of application programming interfaces (APIs) and non-functional requirements;

II - specifications, registrations, certification, and publication of APIs;

III - maximum deadline targets for ticket resolution;

IV - information reporting;

V - data quality; and

VI - customer experience.

It is important to highlight that the Open Finance Governance Structure must monitor the various items mentioned above by evaluating all occurrences, with sampling monitoring being allowed only in specific situations expressly authorized by the Central Bank of Brazil.

The Open Finance Governance Structure must store and publicize statistical data and indicators related to the various monitored items. In addition, participating institutions must provide quality data with sufficient detail to allow the Open Finance Governance Structure to implement the monitoring process referred to in this manual.

Additionally, it is emphasized that the Open Finance monitoring process must be documented through a monitoring policy, which must include the items monitored by the system, the monitoring management flow, the roles and responsibilities of the members of this flow, and the measures applicable in situations of non-compliance.

All documentation related to the monitoring process is the responsibility of the Open Finance Governance Structure and must be kept available to the Central Bank of Brazil for five years.

2. Monitored Items

This section describes the items that must be monitored by the Open Finance Governance Structure. Such items and their detailed breakdown represent the minimum required, and it is up to the Open Finance Governance Structure, regardless of normative alteration, to ensure that the monitored items are expanded whenever necessary, with a view to the ultimate goal of the monitoring process, which is the proper functioning of Open Finance for all interested parties: participating institutions, customers, and society.

Additionally, considering that Open Finance monitoring tools and processes are in constant development, this manual will be restricted to aspects for which it is already possible to obtain metrics for monitoring, and other metrics and indicators will be subsequently incorporated as they become available for tracking.

In this sense, the monitored items must be obtained, primarily, through tools of the Open Finance Governance Structure. In the absence of these tools or in the case of tools that can only partially obtain the monitored items, participating institutions must report the necessary information so that the Open Finance Governance Structure can fulfill all monitoring stages described in this manual or in its documentation.

2.1 API Performance and Non-Functional Requirements

The Open Finance Governance Structure must monitor various issues related to API performance and non-functional requirements, among which, at a minimum, the following items must be prioritized for monitoring purposes:

I - response time of participating institutions' APIs;

II - availability of participating institutions' APIs; and

III - volume of requests with HTTP status code 529.

For monitoring purposes, it is permissible to use tickets automatically opened by Open Finance Governance Structure tools or specific tickets, and for the monitoring flow to occur monthly, noting, however, that participating institutions must correct non-compliances in a timely manner, as soon as they receive the tickets.

The Service Level Agreement (SLA) and calculation methods for the response time and availability of participating institutions' APIs, as well as the volume of requests with HTTP status code 529, are contained in the Open Finance API Manual.

2.2 API Specifications, Registrations, Certification, and Publication

This subsection will address the monitored items related to API specifications; registrations in the Participant Directory, certification, and publication of these APIs. It is highlighted that the items in this subsection must be fully complied with, so that any deviation from the established standard will lead to the application of measures to the non-compliant participating institution.

The occurrence of non-compliances in relation to the items addressed in this subsection will lead to the opening of tickets to the non-compliant participating institution, whose maximum resolution deadlines are contained in the Manual of Services Provided by the Open Finance Governance Structure.

The Open Finance Governance Structure must monitor, at a minimum, the following items related to specifications, registrations, certification, and publication of participating institutions' APIs:

I - monitoring the implementation of initial versions and new versions of APIs: the Open Finance Governance Structure must:

a) monitor and require compliance with the intermediate milestones of the certification and production publication process for initial versions and new versions of APIs, whether defined in regulation or by the Open Finance Governance Structure itself; and

b) verify and require the proper publication of participating institutions' APIs in the Participant Directory and in a production environment;

II - monitoring of implemented API versions and associated artifacts: the Open Finance Governance Structure must:

a) verify and require that the APIs and associated artifacts of participating institutions in a production environment adhere to the functional and security specifications in force; and

b) verify and require that information related to APIs, including appropriate certifications, is correctly updated in the tools and systems associated with the services provided by the Open Finance Governance Structure;

III - monitoring of participation modalities: the Open Finance Governance Structure must verify whether the participation modalities registered by participating institutions comply with the established regulation, when information is available for such verification, and take the necessary measures for regularization; and

IV - monitoring the process of removing old API versions from the production environment and from the Participant Directory registration: the Open Finance Governance Structure must verify if old API versions exist in the production environment or registered in the Participant Directory, according to the schedule defined by regulation or by the Open Finance Governance Structure. In the case of major versions, remove retired versions from the Participant Directory at the end of the coexistence period and require participating institutions to stop calling them and remove them from the production environment.

The Open Finance Governance Structure must manage the process of achieving maturity for functional and security certification engines, with a view to enabling participating institutions to comply with the obligations of item I of this subsection.

It is highlighted that non-compliances in relation to the items addressed in this subsection must be investigated as soon as they are detected.

For monitoring purposes, it is permissible to use tickets automatically opened by Open Finance Governance Structure tools or specific tickets, and for the monitoring flow to occur monthly, noting, however, that participating institutions must correct non-compliances in a timely manner, as soon as they receive the tickets.

Regarding the items in this subsection, with the exception of item I, subparagraph "b", if participating institutions manage to correct non-compliances within the maximum allowed period, according to the Manual of Services Provided by the Open Finance Governance Structure, such non-compliance situations must be recorded in the information made available to participating institutions for the management of non-compliance situations, as per section 5 of this Manual, but should not be considered for the purpose of applying measures.

2.3 Maximum Deadline Targets for Ticket Resolution

The Open Finance Governance Structure must monitor, at a minimum, the deadline for resolving:

I - tickets related to incident resolution demands, opened bilaterally between participating institutions in the Service Desk; and

II - tickets opened by the Open Finance Governance Structure: the Open Finance Governance Structure must monitor the deadlines for each ticket it opens for resolution by participating institutions. Tickets opened by the Open Finance Governance Structure include those opened by Open Finance Governance Structure bodies, suppliers, and tools, such as the Production Validation Tool (FVP).

The Open Finance Governance Structure must track, monitor, and demand a solution for each ticket, bilateral or opened by it, if it has not been resolved within the maximum deadline for its resolution, and generate statistics on the resolution deadline for each ticket, bilateral or opened by it, that has been closed or has expired.

Participating institutions must respect the maximum ticket resolution deadlines established in the Manual of Services Provided by the Open Finance Governance Structure. For the purpose of evaluating compliance with the monitored item addressed in this subsection, it is permissible for participating institutions to meet the maximum deadline for 80% of their tickets, provided that they do not present tickets with a delay exceeding twice the maximum deadline established in the aforementioned Manual.

For monitoring purposes, the assessment period for the item addressed in this subsection is monthly.

2.4 Information Reporting

Participating institutions must provide, within the deadlines defined by the Open Finance Governance Structure, data of adequate quality and sufficient detail, to allow the Open Finance Governance Structure to implement the functionalities set forth in this manual.

The Open Finance Governance Structure must establish, for each case, the data that needs to be sent by participating institutions, as well as its submission method, periodicity, among other applicable items.

Regarding the Metrics Collection Platform (PCM), participating institutions must send at least 95% of a given day's reports by 8:00 AM the next day and at least 99% of the reports within seven days from the date and time of the transactions.

It is permissible for an institution not to meet the daily report submission target for up to three days in a given month, provided that it has sent at least 99% of the reports for those days within seven days from the date and time of the transactions.

To meet the target of sending at least 95% of reports by 8:00 AM the next day from the date and time of transactions, reports with "UNPAIRED" status cannot exceed 5% of the institution's call volume for each API.

To meet the target of sending at least 99% of reports within seven days from the date and time of transactions, reports with "UNPAIRED" or "PAIRED INCONSISTENT" status cannot exceed 1% of the institution's call volume for each API.

If the institution is unable to send reports due to PCM failures or failures in associated processes for which the Open Finance Governance Structure is responsible, the target of sending reports by 8:00 AM the next day does not need to be met, but the institution remains obligated to send them within seven days from the date and time of the transactions.

All reports, with the exception of discarded reports, must comply with the specifications of the PCM integration API regarding aspects of report completeness and data completeness and validity, including the "additionalInfo" field.

For monitoring purposes, the assessment period for the items addressed in this subsection is monthly, and there must be daily control of report submission and compliance. If it is detected that a participating institution is not meeting any of the established targets, it must be notified and return to normal in a timely manner. It is highlighted that any failures in the notification generation process during the month should not impact the application of the monthly monitoring flow.

2.5 Data Quality

Participating Open Finance institutions must ensure the quality of data reported through their APIs, observing, at a minimum, the following items:

I - completeness: filling in all mandatory fields of their APIs' endpoints and, where applicable, optional and conditional fields;

II - consistency: absence of discrepancies between the data reported through their APIs and the data disclosed on electronic channels made available to their customers, in the case of information disclosed on such channels;

III - conformity: adherence of the data reported through their APIs to the standards and business rules specified in Open Finance;

IV - validity: representation of the data reported in the various fields of their APIs' endpoints according to their definition, in terms of format, type, allowed values, among other attributes;

V - timeliness: relevance of the data reported through their APIs over time; and

VI - uniqueness: uniqueness of the data reported through their APIs, i.e., absence of data duplication.

Aiming to maintain Open Finance data quality, participating institutions that have adhered, obligatorily or voluntarily, to data sharing must implement the data quality engine, according to parameters defined by the Open Finance Governance Structure, and use it in their role as data transmitters.

The reporting of information regarding the use of the data quality engine must be carried out by each participating institution, with consolidated reporting by the conglomerate not being valid. It is permissible for credit cooperatives to report their information in a consolidated manner through cooperative systems.

Based on reports generated from the analysis of tickets related to data quality and statistics derived from the use of the data quality engine by participating institutions, the Open Finance Governance Structure must maintain a data quality index that demonstrates the individual performance of each institution. This index must be constantly updated in accordance with the evolution of Open Finance.

Participating Open Finance institutions must maintain an SLA in the data quality index equal to or greater than 95%. Participating institutions with performance below this value will be considered non-compliant.

In the case of API versions with a production pilot period, the data quality index calculation should not include them, with a view to allowing these APIs to achieve greater maturity, but they must be included in the calculation of the said index from the go-live date.

During the production pilot period, generated tickets must respect the maximum deadlines established in the Manual of Services Provided by the Open Finance Governance Structure and, consequently, be monitored according to subsection 2.3 of this Manual, so that data quality is also improved during the production pilot phase.

For monitoring purposes, the assessment period for the items addressed in this subsection is monthly.

2.6 Customer Experience

2.6.1 Customer Journey

The Open Finance Governance Structure must monitor customer journeys, according to the different modalities of:

I - existing flows, considering the different channels, devices, and environments in which the Open Finance journey is made available, such as app-to-app, app-to-browser and vice-versa on the same device; app-to-browser and vice-versa between different devices; and browser-to-browser;

II - target audience, natural person or legal entity;

III - approval levels, single or multiple; and

IV - data or service sharing, covering each of its products.

The Open Finance Governance Structure must generate its own evidence of customer journeys or contract independent suppliers for this purpose, with the caveat that the generation of journey evidence through the submission of journeys by the participating institution itself will not be allowed. The generation of evidence by the participating institution itself is permitted for the purpose of proving the correction of non-compliances, to be evaluated by the Open Finance Governance Structure for ticket closure.

For monitoring purposes, the assessment period for customer journey monitoring will be defined by the Open Finance Governance Structure and will occur with the same periodicity as the evaluation rounds to be executed with the selected participating institutions.

A
The Open Finance Governance Structure will define the evaluation scopes for each round and, with the exception of brands or institutions that do not operate within the scopes defined for a specific evaluation round, must include, obligatorily, in all rounds, the brands considered prioritized by the most relevant participating institutions, as defined by the Central Bank of Brazil.

If the participating institution corrects the non-compliance within its maximum deadline for compliance, that non-compliance situation must be recorded in the information made available to participating institutions for the management of non-compliance situations, as per section 5 of this Manual, but it must not be considered for the application of measures.

For the purpose of analyzing the verification of the correction of non-compliance, the participating institution must send evidence to the Open Finance Governance Structure as soon as the correction is effected, and the Open Finance Governance Structure must evaluate such evidence in a timely manner. If the participating institution is unable to generate evidence regarding a specific scope or target audience, the generation of evidence for the analysis regarding the verification of the correction of non-compliance must be carried out by the Open Finance Governance Structure, directly or through independent contracted suppliers. The non-compliance will only be considered corrected after the analysis of such evidence.

2.6.2
Conversion Rate

The Open Finance Governance Structure must monitor the conversion rate of data sharing journeys and payment initiation journeys.

The minimum conversion rates regarding data sharing journeys and payment initiation journeys are:

I

• data sharing: 80% of the weighted average by requested consents of the three highest conversion rates of data-transmitting institutions in the last three months, including the reference month;

II

• payment transaction initiation: 80% of the weighted average by requested consents of the three highest conversion rates of account-holding institutions in the last three months, including the reference month; and

III

• link: 80% of the weighted average by requested links of the three highest conversion rates of account-holding institutions in the last three months, including the reference month.

For the calculation of the three highest conversion rates, the following institutions must be considered:

I

• for data sharing, data-transmitting institutions belonging to conglomerates or cooperative systems that represent 99% of the total stock of active consents in the calculation period;

II

• for payment transaction initiation, account-holding institutions belonging to conglomerates or cooperative systems in which 99% of the consents are generated in the calculation period; and

III

• for link, account-holding institutions belonging to conglomerates or cooperative systems in which 99% of the links are generated in the calculation period.

There is a tolerance limit of three percentage points for the minimum conversion rates, as provided for in this subsection.

The conversion rates provided for in this subsection must be calculated as follows:

I

• data sharing: quantity of consents whose "access tokens" were successfully generated in relation to the quantity of "consentIds" generated for customers redirected to the data-transmitting institution; and

II

• payment transaction initiation: quantity of consents whose "access tokens" were successfully generated in relation to the quantity of "consentIds" generated for account-holding customers redirected to the account-holding institution; and

III - link: quantity of authorized links in relation to link creation requests by account-holding customers redirected to the account-holding institution.

It is considered a "customer" in the formulas above the CPF/CNPJ that has an authenticator credential to proceed in the monitored flow.

The calculation period for the conversion rates is monthly, and for each month, all weeks whose Fridays occurred in the month must be considered.

For the purposes of the monitoring process, the calculation period regarding the item provided for in this subsection is monthly.

3.
Monitoring Process

The Open Finance monitoring process, carried out by the Open Finance Governance Structure, together with the participating institutions, must be guided by the principles of transparency, continuous improvement, efficiency, and accuracy, and have the objective of ensuring that participating institutions are in consonance with the obligations provided for in documents elaborated within the scope of the Open Finance Governance Structure and in the regulation of the Central Bank of Brazil.

The Open Finance Governance Structure must define and document the monitoring process through a specific policy (Monitoring Policy), which must comprise, at a minimum, the monitoring and application of measures flow, the roles and responsibilities of the members of this flow, and the measures applicable in case of non-compliance with the desired performance.

Other aspects regarding the monitoring process, such as the monitored items, must also be documented, but, considering the need for more frequent updates, they may appear in a document auxiliary to the Monitoring Policy or directly on the developer portal.

If it is detected that a participating institution is not in compliance with a monitored item, the case must be followed up by a Service Desk ticket, and a ticket that was already opened regarding the case may be used, or a new ticket, specific or consolidating several non-compliance situations, may be opened.

3.1
Monitoring and Application of Measures Flow

The Monitoring Policy must describe the monitoring and application of measures flow, discriminated by each member of the flow, encompassing, at a minimum, the following stages integrated into this process:

I - verification of SLAs, minimum conversion rates, and maximum deadlines for Service Desk ticket compliance;

II - identification of non-compliance situations;

III - follow-up of non-compliance situations through Service Desk tickets;

IV - evaluation of the response of participating institutions in non-compliance regarding the non-compliance situations;

V - sending the case for analysis and action by eventual higher instances, in case of continuity of the non-compliance situation or of the impact of the situation on the proper functioning of the Open Finance; and

VI - application of measures to participating institutions in non-compliance.

3.2
Applicable Measures

In case of non-compliance situations, the Monitoring Policy must provide for the application of the following measures:

I

• delivery of a report on non-compliance situations;

II

• presentation of an adjustment plan; and

III

• presentation of a specific evaluation regarding the conversion rate.

This subsection contemplates minimum provisions on applicable measures to non-compliance situations regarding the items monitored that are contained in section 2 of this manual.

3.2.1
Report on Non-Compliance Situations

The report on non-compliance situations, mentioned in item I of subsection 3.2, must:

I

• be presented by the participating institution in non-compliance;

II

• contain a description of what occurred and the solution adopted for correction;

III

• be accompanied by the acknowledgment of the director responsible for data and service sharing within the scope of the Open Finance, as per the internal flows of each participating institution of the Open Finance;

IV

• be presented through official channels of the participating institution within five business days after the request by the Open Finance Governance Structure;

V

• be evaluated regarding the compliance with items I to IV of this subsection by the Open Finance Governance Structure; and

VI

• be available to the Central Bank of Brazil.

In case of the absence of the responsible director, the acknowledgment of another statutory director is admitted.

Institutions that, when requested, do not present the report provided for in this subsection within the defined deadline must present the adjustment plan provided for in subsection 3.2.2.

3.2.2
Adjustment Plan

The adjustment plan, mentioned in item II of subsection 3.2, must:

I

• be presented by the participating institution in non-compliance;

II

• contain a detailed schedule for the non-compliance situation to be solved and mitigating elements for the prevention of new occurrences;

III

• be signed by the director responsible for data and service sharing within the scope of the Open Finance;

IV

• be presented through official channels of the participating institution within ten business days after the request by the Open Finance Governance Structure; and

V

• be evaluated and approved by the Open Finance Governance Structure.

In case of the absence of the responsible director, the signature of another statutory director is admitted.

The adjustment plan must enter into execution as soon as it is presented, as per item IV of this subsection. The Open Finance Governance Structure must evaluate the plan according to item V of this subsection and, if it is satisfactory, approve it and follow up on its execution. If there is any eventual need for adjustments, depending on the evaluation by the Open Finance Governance Structure, the participating institution must make the requested alterations in the plan in execution and resubmit it to the Open Finance Governance Structure within five business days. The Open Finance Governance Structure must evaluate new versions of the adjustment plans and approve them only after considering them satisfactory.

Non-compliances identified in monitored items contained in an adjustment plan that is in implementation and being complied with as approved by the Open Finance Governance Structure and, when applicable, by the Central Bank of Brazil, must not be considered, while improvements consistent with the expected are being observed.

If the adjustment plan in execution by the participating institution in non-compliance does not present results consistent with the expected, the Open Finance Governance Structure must communicate the case to the Central Bank of Brazil with the information provided for in subsection 3.4.1.

Adjustment plans that include monitored items contained in subsection 2.3 must contemplate adjustments in internal processes, so that the customer service teams of the participating institutions begin to comply with the established deadlines, and contain a detailed schedule for the solution of each ticket that is still open.

The Open Finance Governance Structure must notify the Central Bank of Brazil about the eventual non-presentation of an adjustment plan within the regulatory deadline.

Adjustment plans must be available to the Central Bank of Brazil, which may request adjustments to them.

3.2.3
Specific Evaluation Regarding Conversion Rate

The specific evaluation regarding the conversion rate, mentioned in item III of subsection 3.2, must:

I

• be presented by the participating institution in non-compliance that presents a conversion rate lower than the threshold provided for in subsection 3.4.2.1;

II

• contain a diagnosis of its conversion rate;

III

• be presented within ten business days after the detection of the non-compliance; and

IV

• have its results submitted to the Open Finance Governance Structure and to the Central Bank of Brazil.

After analysis by the Open Finance Governance Structure, in cases where the majority of the errors that caused the conversion rate lower than the referred threshold refer to implementation aspects, both regarding technical issues or related to the customer journey, the participating institution in non-compliance must hire an independent specialized company to carry out a more complete diagnosis regarding the conversion rate of the participating institution in non-compliance.

The referred diagnosis must be presented within 65 business days after the request by the Open Finance Governance Structure and is valid for twelve months.

3.3
Repeated Occurrences

The presentation of a non-compliance situation regarding the same monitored item by a participating institution may configure a repeated occurrence.

Below, the rules, by monitored item, are presented for a certain case to be configured as a repeated occurrence:

I - API performance and non-functional requirements:
presentation of a non-compliance situation during the course of three calculation periods after the detection of the initial non-compliance. Each of the items of the corresponding subsection is considered separately. Even if the non-compliance situation occurred in a distinct endpoint from the initial non-compliance, it is considered a repeated occurrence. The calculation period for the purposes of detecting a repeated occurrence is monthly;

II - specifications, registrations, certification, and publication of APIs: presentation of a non-compliance situation during the course of three calculation periods after the detection of the initial non-compliance. Each of the items of the corresponding subsection is considered separately. Even if the non-compliance situation occurred in a distinct API from the initial non-compliance, it is considered a repeated occurrence. The calculation period for the purposes of detecting a repeated occurrence is monthly;

III - deadline goals for ticket compliance:
presentation of a non-compliance situation during the course of three calculation periods after the detection of the initial non-compliance. The calculation period for the purposes of detecting a repeated occurrence is monthly;

IV - reporting of information: presentation of a non-compliance situation during the course of three calculation periods after the detection of the initial non-compliance. The calculation period for the purposes of detecting a repeated occurrence is monthly;

V - data quality: presentation of a non-compliance situation during the course of three calculation periods after the detection of the initial non-compliance. The calculation period for the purposes of detecting a repeated occurrence is monthly;

VI - customer experience - customer journey: presentation of a non-compliance situation during the course of four monitoring cycles after the detection of the initial non-compliance for the same role (account holder, payment transaction initiator, data transmitter, data receiver, original creditor, or applicant), for the same target audience (natural person or legal entity), and for the same brand. The calculation period for the purposes of detecting a repeated occurrence will be at the beginning of the month following the end of the maximum deadline for resolving the non-compliances identified by the monitoring of the customer journey; and

VII - customer experience - conversion rate:
presentation of a non-compliance situation during the course of three calculation periods after the detection of the initial non-compliance. Each of the items of the corresponding subsection is considered separately. The calculation period for the purposes of detecting a repeated occurrence is monthly.

3.4
Rule for Application of Measures

3.4.1
General Rule

In the event of detection of non-compliance situations regarding a monitored item, the participating institution in non-compliance must present to the Open Finance Governance Structure the report provided for in subsection 3.2.1.

If the participating institution presents a non-compliance situation regarding the same monitored item in a repeated manner, as per subsection 3.3, it must present the adjustment plan provided for in subsection 3.2.2.

In case of a second repeated occurrence, which is configured by the presentation of non-compliance regarding the deadlines provided for in subsection 3.3, according to each monitored item, counted from the end of the execution of the adjustment plan, the higher management body of the Open Finance Governance Structure, as per the regulation of the Central Bank of Brazil, must communicate to the Central Bank of Brazil regarding the case with, at a minimum, the following information:

I

• device not complied with of a normative act of the Monetary National Council or of the Central Bank of Brazil or of the technical documentation of the Open Finance Governance Structure;

II

• descriptive report of the case;

III

• history of all available information; and

IV

• supporting documentation.

The Open Finance Governance Structure must inform the participating institution in non-compliance about the communication to the Central Bank of Brazil.

After the communication to the Central Bank of Brazil, the Open Finance Governance Structure must continue to follow up on the participating institution in non-compliance, which must present new adjustment plans until the non-compliance is ceased. As soon as the non-compliance is ceased, the Open Finance Governance Structure must notify the Central Bank of Brazil.

3.4.2
Specific Rules

The applicable measures provided for in this subsection are complementary to the measures set forth in subsection 3.4.1.

3.4.2.1
Customer Experience - Conversion Rate

In the event that the conversion rate falls below 60% of the minimum conversion rates provided for in subsection 2.6.2, the participating institution in non-compliance must present the evaluation provided for in subsection 3.2.3.

3.5 Communication
of the Monitoring Process

The communication of the monitoring process is a fundamental aspect so that participating institutions have broad knowledge about the items that are being monitored, the desired performance, how the monitoring and application of measures flow works, the roles and responsibilities of each member of this flow, and what the applicable measures are.

3.5.1
Broad Communication to Participating Institutions

The Open Finance Governance Structure must communicate, broadly, to participating institutions how the monitoring process in the Open Finance works, addressing, at a minimum, the monitored items, the SLAs, the minimum conversion rates, and the maximum deadlines for ticket compliance, the monitoring and application of measures flow, the roles and responsibilities, and the applicable measures.

The communication strategy must consider that some of these items may undergo frequent changes and, thus, timely updates are necessary, so that participating institutions are always well-informed regarding the monitoring process.

3.5.2
Specific Communication to Participating Institutions

The Open Finance Governance Structure must make available information about the performance of each participating institution regarding the monitored items, with a view to follow-up by these institutions regarding their performance, with greater emphasis on the items that are in a situation of non-compliance with the desired performance.

This information must be provided at a level of detail sufficient for the participating institution to verify the fidelity of the data analyzed in the monitoring and application of measures flow regarding its internal data.

4.
Statistical Data and Indicators Regarding the Performance of Participating Institutions in the Open Finance

The Open Finance Governance Structure must provide the means for storage and compilation of statistical data regarding the performance of participating institutions in the Open Finance and their performance regarding the monitored items, as well as produce and make available indicators based on this data.

Aiming to guarantee the proper functioning of the system, the Open Finance Governance Structure can collect and store other relevant metrics not explicitly mentioned in this manual, noting that the collection and storage of customer data are prohibited, even if anonymized or pseudonymized.

4.1 Disclosure of Statistical Data and Indicators Regarding the Performance of Participating Institutions

The statistical data regarding the performance of participating institutions must cover, at a minimum, information regarding:

I - the quantity of calls per API and per endpoint, encompassing its history;

II - the availability of APIs per endpoint, encompassing its history;

III - the percentage of success of the calls, as well as their errors, per status code;

IV - the quantity of active consents in total and per unique customers, natural and legal persons, including views by transmitter or holder (as the case may be) and by receiver or initiator (as the case may be), encompassing its history; and

V - the conversion rates of the consent with a breakdown of each stage of its generation, including views by transmitter or holder and by receiver or initiator.

The data reported by the participating institutions are the responsibility of each institution, represented by the director responsible for data and service sharing within the scope of the Open Finance, and must be reported with a minimum frequency that allows verifying the compliance with the service level agreements:

I - of the APIs of the participating institutions; and

II - of the elements of the shared infrastructure.

The Open Finance Governance Structure, based on the service level indicators calculated from the participating institutions, must build an Open Finance performance index, calculate it individually for each participating institution, and publish it monthly.

These statistical data must also be made available, in a public area of the Open Finance Portal in Brazil in the form of an indicator dashboard of easy visualization, in an individualized and nominal manner regarding the participating institutions, which allows the verification of this performance by the general public in a quick and clear manner.

The indicator dashboard must provide the visualization of the data in, at a minimum, two different levels:

I - consolidated view: with the averages of the most important indicators, anticipating highlights for the best and worst performances of the month; and

II - customized/comparative view: with the possibility of ordering by value (ascending and descending), search, and selection of multiple parameters by the user, such as the name of the participating institution, endpoint, period, among others.

In both views, the indicator dashboard must contain a visual resource, such as graphs, icons, or symbols, that allows verifying the performance of the indicator in relation to the minimum regulatory requirement. The views must allow the general public to identify nominally the performance of each of the participating institutions.

Given the breadth of the scope of Open Finance participants, any graphs that list all participating institutions must have a search tool to assist the user in locating a specific institution in the graph, if desired.

The indicator dashboard must also contain resources for custom search, in order to enable the selection of fields, including individualized and non-aggregated data. The results must be downloadable in different formats, respecting the field selection or data segregation performed.

The metrics, measurement units, and definitions used must be clear to the user, as well as any limitations, exclusions, or changes regarding the calculation base.

4.2 Disclosure of statistical data and indicators on monitored items

The Open Finance Governance Structure must compile statistical data on the monitored items, generate indicators and indices regarding them, and disclose them, with a view to providing transparency regarding the monitoring process and creating incentives for participating institutions to seek continuous evolution of their performance.

Such disclosure must include statistical data, indicators, and indices for each participating institution, individually and nominally, considering their history, as well as any non-compliance situations, regarding each monitored item and other non-compliance situations identified that are not yet within the scope of the monitored items.

Statistical data, indicators, and indices must be documented for the internal control purposes of the Open Finance Governance Structure and be available to the Central Bank of Brazil.

5. Monitoring of non-compliance situations

The Open Finance Governance Structure must make the following information available so that participating institutions can manage non-compliance situations:

I - the listing of all open cases and the history of cases that are already closed;

II - the status of each open case depending on the phase in which it is in the monitoring and measure application flow; and

III - the details of each case, with specific information about the non-compliance situation, the date the case entered the monitoring and measure application flow, and the remaining deadline for its resolution, in accordance with the regulation of the Central Bank of Brazil and the documentation of the Open Finance Governance Structure.

The monitoring information on non-compliance situations mentioned in this section must be accessible to the Central Bank of Brazil.

Brasília, January 29, 2026.

NOTE 51/2026-BCB/DENOR, OF January 27, 2026.

Supports the proposal for the issuance of a normative instruction establishing version 3.0 of the Open Finance Monitoring Manual.

Gentlemen Heads of Denor, Desuc, Desup, and Deinf,

1.                     This Note supports the proposal for the issuance of a normative instruction by the Financial System Regulation Department (Denor), the Department for Supervision of Cooperatives and Non-Bank Institutions (Desuc), the Banking Supervision Department (Desup), and the Information Technology Department (Deinf), in the exercise of the powers granted to them by art. 23, item I, letter "a", of the Internal Regulations of the Central Bank of Brazil, annexed to BCB Resolution No. 340, of September 21, 2023, based on art. 3, item VI, of BCB Resolution No. 32, of October 29, 2020.
   

2.                    Regarding this, the proposal concerns the issuance of a normative instruction establishing version 3.0 of the Open Finance Monitoring Manual, revoking BCB Instruction Normative No. 575, of December 20, 2024, which disclosed version 2.0 of the Open Finance Monitoring Manual.
   

3.                    The main novelty of this version is a change in the calculation formula for the minimum conversion rate, which now considers only the most relevant Open Finance institutions. Other changes made in this new version refer to the rules for reporting information to the Metrics Collection Platform, aiming for greater quality of reported information; inclusion of completeness analysis of the non-compliance situation report; establishment of rules for entering into the execution of compliance plans; and alteration of the deadline for presenting a diagnosis on the conversion rate from calendar days to business days.
   

4.                    It is worth noting that, by virtue of art. 5 of Law No. 13,874, of September 20, 2019, proposals for the issuance and alteration of normative acts of general interest to economic agents or users of provided services, issued by an organ or entity of the federal public administration, including autarchies and public foundations, must be preceded by the realization of a regulatory impact analysis (AIR), which will contain information and data on the possible effects of the normative act to verify the reasonableness of its economic impact.
   

5.                    Meanwhile, Decree No. 10,411, of June 30, 2020, which regulates this Law, in its art. 4, item V, letters "b" and "c", establishes that the AIR may be waived, in the case of a normative act that aims at preserving the integrity of financial markets and payment systems, applicable to these measures, which seek to increase the quality of data available for Open Finance, and improve the regulation related to the monitoring of this system.
   

6.                    Thus, considering the above, we understand that the normative instruction currently proposed is exempt from AIR.
   
                        For your consideration.
   
                        JANAÍNA PIMENTA  
   

ATTIE IVENS
ARUA NEVES DE MIRANDA
Consultant of Denor Deputy Head of Desuc

RICARDO SIVIERI ZENI VERUSKA ROCHA ARAGÃO Deputy Head of Desup Deputy Head of Deinf

Agreed.

MARDILSON FERNANDES
QUEIROZ ADALBERTO
FELINTO DA CRUZ JUNIOR
Head of Denor Head of Desuc

RICARDO SIVIERI ZENI CAIO MOREIRA FERNANDES Acting Head of Desup Head of Deinf