Credibanco and Sensedia have introduced a new solution that centralises financial information from various industry participants, enabling a secure and efficient exchange of data. This initiative supports the growing prominence of Open Finance and Open Data, which are key to fostering a more inclusive and transparent economy and driving innovation in Colombia.

Benefits and impact of Open Finance and Open DataOpen Finance allows consumers to share their financial data with third parties through APIs, facilitating access to customised financial services. Open Data involves the controlled sharing of data across different sectors to improve transparency and spur innovation. The benefits of these models are significant.

Consumers gain access to a broad range of personalised financial services, better control over their data, and products tailored to their behavior and credit history. For financial institutions and fintech companies, open data provides detailed insights into consumer behavior and competitive dynamics, fostering the development of new business models and improving service offerings. Regulatory framework and technological advancements In Colombia, Decree 1297 of 2022, issued by the Normative Projection and Financial Regulation Studies Unit (URF), mandates the opening of financial data and tasks the Financial Superintendency with establishing relevant rules and standards.

According to External Circular 004, all entities involved in Open Finance must complete necessary developments by August 2025. In response, Credibanco and Sensedia have launched an interoperable Hub to simplify the exchange of information. This platform facilitates interactions between multiple data providers and certified recipients through a single connection, adhering to regulatory and security standards.

Credibanco's technology includes a participant registration directory that supports data integration and compliance with technical requirements, promoting more personalised products and services and advancing financial inclusion. In addition to the participant registration directory, Credibanco and Sensedia have implemented APIs for account aggregation and data sharing consent. They are also developing use cases for payment initiation, investment products, credit disbursement, and credit evaluation.

Regional model for Open Finance The progress in Open Finance and Open Data in Colombia serves as a regional model. Sensedia's APIs are designed to ensure efficient integration and robust data protection, establishing a standard of trust and transparency in the financial ecosystem. The adoption of Open Finance is a comprehensive process involving technical, conceptual, economic, infrastructure, and security considerations, requiring widespread awareness and engagement across the industry.

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