Fintech Presents CMF With Protocol to Operate Through Open Banking
Chile
11 marzo 2020

On March 11, Chilean fintech companies met with Financial Market Commission representatives to present them with a proposal for a protocol to operate through Open Banking.

The protocol proposed by the companies contemplates the definitions, uses, types of data provided by each user, benefits and risks related to Open Banking. It also makes clear that institutions wishing to participate in this modality must have a common standard allowing them to connect and share information. In Chile this standard is already well advanced, based on a UK scheme. 

The business proposal affirms that Open Banking gives users the capacity to use the value of their data for their own benefit, and seeks to reduce barriers intrinsic to the traditional financial system. Banks should allow free access to data about the terms and conditions of their products, and enable customers to instruct banks to securely share their data with whomever they choose. 

The Fintech Association subsequently informed that the proposal has been sent to the banks, with the aim of determining which ones will be invited to join the standard.

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