Colombia takes a step towards more inclusive financial models in 2025 through the implementation of Open Finance, which seeks to improve accessibility and competition. This model enables financial institutions and service providers to securely share user information and with their consent, through APIs that facilitate data exchange.
How can companies take advantage of Open Finance?
Open Finance provides ease and access to multiple financial services that are more transparent, personalized and secure for consumers. But how can companies take advantage of this model?
SMEs as well as large corporations can take advantage of Open Finance by accessing customized servicesas loans tailored to their cash flow needs. In addition, with the use of APIs, they can integrate automated payment platforms and optimize account management, obtaining relevant financial data for better decision making.
Challenges for 2025
With the implementation of this model, organizations face some relevant challenges to consider:
- Regulatory compliance: Companies should be alert to possible regulatory changes in the financial and information sector.
- Data security: With access to sensitive financial data, companies must implement cybersecurity measures to protect their customers' information.
- Technological integration: Companies need to integrate technology that allows them to adapt and take advantage of this new financial model.
- Customer relationship management: Transparency and consent are key in this model, so companies must establish clear policies for handling customer information.
Open Finance benefits both consumers and businesses and promotes a more dynamic and secure financial experience. At Suplos, we understand the importance of this transformation and have solutions that facilitate the management of your financial processes. Learn more here!
Source: Financial Superintendency of Colombia
