Superfinanciera Colombia, the financial regulator in Colombia, is pursuing a consultation on Open Banking, according to a recent post.
Open Banking, or Open Finance, is a concept for data management in the financial services sector – typically where the consumer controls and owns the data. Via APIs or other platforms, by incorporating Open Banking, the process of launching a service or migrating away to a competitor is simplified as existing data is quickly shared.
The post explains that the draft regulation incorporates the following:
- Obligations for the processing of financial consumer data in open finance ecosystems.
- Duties of disclosure of information to financial consumers.
- Requirements for linking third-party data recipients (TPP).
- And technological and safety standards.
- Addressing the development of digital ecosystems, the instructions for the commercialization of technology and digital infrastructure by those monitored by the SFC are presented. [translated]
The proposal received the support or input from various industry advocates, including the World Bank, Inter=American Bank, and FintechLAC.
The consultation is accepting feedback from the public until May 31, 2023.