The National Banking and Securities Commission (CNBV) has begun to circulate among different unions of the financial sector drafts regarding the rules of exchange of transactional data of users of financial services under the open finance model (open finance), provided for in the fintech law, and where the possibility will be opened for that the tech giantsBig Techs) can access such information.
In his participation in the sixth convention of the Mexican Association of Popular Financial Societies (Amsofipo), Gilberto Pérez Hernández, general director in Regulatory Development of the National Banking and Securities Commission (CNBV), commented that the open finance model consists of the exchange of information between financial entities, as well as with third parties, for the improvement of the offer of financial services to the population.
In this context, Pérez Hernández pointed out that the provisions of the second phase of open finance are about to be issued, by which the rules regarding the standardization of transactional data collection (saving) through application programming interfaces, where the applicants for this information hosted in financial institutions can be the same entities, fintech, money transmitters, credit information companies, clearing houses, as well as third parties specialized in technologies of the information, where bigtechs come in.
“At the moment, Big Tech can participate as data applicants only. To (request) transactional data they must have the authorization of the Commission (CNBV),” explained Pérez Hernández.
The official stressed that without the authorization of this regulator, Big Tech will not be able to access said information and in order for them to do so, the authority will require them to meet certain requirements.
Likewise, Pérez Hernández explained that the authority will be strict regarding the issue of security of the information, as it will not be allowed to misuse the data of users of financial services.
In Mexico, the model open finance is contemplated in the ley fintech, where more than 2,200 entities will be required to implement application programming interfaces (APIS) to exchange information with each other.
The regulation establishes that the data that entities may exchange with the implementation of APIS They are open financial, that is, location of branches or ATMs; the aggregated data, which consists of the operational statistics of the entities and the transactional information of their users.
It is important to point out that transactional information may be exchanged as long as the user gives consent for it to be so, otherwise the entities involved cannot make use of this data.
Reference-www.eleconomista.com.mx