The open finance model, known as open finance, provided for in the Law to Regulate Financial Technology Institutions, or Fintech Law, will allow technological giants (big techs) to request and access information from users of financial services, always and when they grant their consent, indicated Gilberto Pérez Hernández, general director of Regulatory Development of the National Banking and Securities Commission (CNBV).
During his participation in the sixth convention of the Mexican Association of Popular Financial Societies (Amsofipo), Pérez Hernández stated that it is expected that the rules regarding the second phase of the open finance model will be issued soon, related to user information, specifically on the subject of savings accounts.
“Open finance is a business model that consists of sharing information … At the moment, Big Tech can participate as data requestors only. In transactional data, they must have the authorization of the CNBV ”, the official said.
The open finance model foresees that more than 2,200 entities will be required to implement application programming interfaces (APIS) to exchange three types of information with each other and, in some cases, with information technology providers, such as Big Tech.
The regulation establishes that the data that entities may exchange with the implementation of APIS are open financial data, 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.
So far, the only rules that have been landed from this model are those of open financial data related to ATM locations of financial entities and a few days ago, the regulator began to circulate the first drafts on the standardization of data regarding the transactional information of users of financial services.
Pérez Hernández emphasized that the participants in this model have to comply with infrastructure and information security measures, as well as other requirements, in order to share the data.
Reference-www.eleconomista.com.mx