Decree issued to launch the mandatory Open Finance System: what does it consist of?
Open finance will allow for greater financial competition. Photo: ChatGPT image
TL;DR
- Colombia has enacted a mandatory Open Finance system, moving from a voluntary to a regulated model.
- The system allows secure, authorized sharing of financial data to promote competition and innovation.
- Citizens will have control over their financial data, deciding who can access it and for what purpose.
- The goal is to enhance financial inclusion, especially for individuals and businesses facing traditional barriers.
- The Superintendencia Financiera de Colombia will oversee the system, define technical standards, and manage a directory of participants.
- Information shared includes deposit, credit, and customer onboarding data, with no charges for data circulation itself.
- Entities like credit institutions, payment providers, fiduciaries, and insurers are obligated to participate.
- Implementation will follow defined technical standards, with entities having a specific timeframe to enable data access.