Open banking is expected to change the financial ecosystem radically by granting third parties access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs).
Cullen International’s new research covers whether selected countries in the Americas: have established specific rules to foster the adoption of open banking arrangements; if any centralised entity coordinates interoperability between service providers; and, if applicable, whether this entity charges any fee for this coordination activity.
Argentina, Brazil, Canada and Peru already have specific rules to foster open banking, while other countries have so far adopted an industry-led, voluntary approach, including the USA.
The Mexican securities regulator is working to implement rules, following the approval of a Fintech Law in 2018. In Colombia, the financial regulatory unit announced that draft rules to promote open banking services would be published by the end of this year.
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