Earlier this week, Colombia’s National Development plan was published. The plan, which must first get the seal of approval from Congress, will form the blueprint for changing Colombia’s socio-economic policies over the next few years.

Article 71 – The Open Data Scheme for Financial Inclusion – opens the door for Mandated Open Data to better enable access to financial products and services:

“With the purpose of promoting competition and innovation for financial and credit inclusion, the state entities that make up the branches of the public authority and all legal persons of a private nature, must give access and provide all information that can be used to facilitate access to financial products and services, without prejudice to the exceptions to their access and the information confidentiality guarantees, provided for in current regulations.”

“The national government will regulate the provisions of this article, especially, the rules to ensure the proper functioning of the scheme, the recipients and the conditions of access to information, security standards, operational, technological and other aspects necessary to fulfill the purpose of facilitating the access to financial products and services.”

Article 71 closely aligns with how Open Banking Exchange has been working together with the Open Banking ecosystem in Colombia over the past 12 months. We have collectively focused on the attributes of a successful ecosystem and are using these to define the rules and standards for open data exchange to ensure uniformity of practice, accessibility and transparency for all participants.

To be part of the journey, and to join us in defining the Colombian open ecosystem, get in touch today.