*Photo credit: CMF website. Within the framework of the Fintech Law (No. 21,521), the Commission for the Financial Market (CMF) has issued the regulation governing the Open Finance System (SFA), which will come into force in July 2026 and will have a gradual five-year implementation process.
What does it consist of?
The Open Finance System is a system defined under the aforementioned law that allows for the secure sharing of data among users of the financial system, including banks, savings and credit cooperatives, prepaid card issuers, insurance companies, among others, along with other entities that may be listed by the CMF for the purpose of providing payment initiation services or using these services as participants within the SFA.
This regulation will have a gradual implementation timeline depending on the role of each participant within the system. This first stage has a defined period of 24 months for its entry into force and for making the necessary adjustments for implementation. Subsequently, there will be a period of 18 months to begin the progressive delivery of information by banks and non-bank card issuers, followed by another 18 months for the delivery of information by other participants.
Learn more about the details proposed in the regulation governing the Open Finance System (SFA) in the following document prepared by Roberto Urbina, Audit Partner at CCL Auditores Consultores.