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Banking / Technical LATAM

Open Finance

Also known as: Open Banking, Banca Abierta

Definition

Open Finance (Open Banking) is the regulatory framework that requires banks to expose customer data through standardized APIs, with the account holder's prior authorization. It lets fintechs access banking data in real time.

LATAM context

Across LATAM, Mexico is moving forward through Banxico, Colombia through the SFC, and Brazil has the most developed implementation (Open Finance Brasil). Open Finance enables apps like account aggregators (Belvo, Prometeo) and payment initiation (PIX in Brazil). Coverage is still partial, though: many LATAM banks don't expose Open Finance yet.

Concrete example

Belvo connects to your bank via Open Finance with your authorization (OAuth) and hands your real-time transactions to an app you're using.

How it shows up on your bank statement

It doesn't appear on the statement: it's an alternative route to the same data, without the PDF. The distinction matters when choosing how to feed a system: with the file the user already has, or with an authorized connection to the bank.

How does finO$ handle this?

finO$ is complementary to Open Finance: it processes PDFs when the bank doesn't expose Open Finance, or when the user would rather not grant OAuth. See our comparison with Belvo.

Related terms

OAuth Aggregation SPEI

Where finO$ uses this

finO$ comparisons

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Frequently asked questions about Open Finance

Does Open Finance replace the PDF bank statement?

Only where it exists and is actually implemented. Coverage varies by country and by bank, and the history it returns is usually limited to recent months. The PDF remains the only route for older data or for banks that still don't expose APIs.

What does the user need for Open Finance to work?

Explicit authorization, usually by logging into their online banking inside a consent flow. It's a step many users abandon, especially when it means entering bank credentials in a context they don't recognize.