Colombia is developing its own open banking model, regulation that’s expected to drive competition – translating into better digital services for customers. Each financial institution will adapt to the regulations at its own pace, according to the Regulatory Projection and Financial Regulation Studies Unit (URF), the government agency in charge of drafting the law, which is expected to take effect in 2022. The URF has ruled out a hard-line approach to implementation, expecting instead that entities understand the added value that open banking can have for their customers and that by not making efforts to incorporate the new technological standard they will risk being left behind and lose market share. “What we aim to do with this is to generate an open architecture that makes people’s lives easier, that generates greater mobility […] for the client to be the owner of their own information and not like it was before, where the bank owned the client,” says Felipe Lega, director of URF, in an interview with iupana. “Pretending that all [entities] will be able to do so could put some of them in a tough spot and not be able to comply with the requirements, and we would be condemning them to disappear,” added the official.

https://iupana.com/2021/02/08/open-banking-in-colombia/?lang=en