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Colombia moved from a voluntary model (Decreto 1297 de 2022) to a mandatory one with Decreto 0368 de 2026, with the SFC publishing technical standards progressively (CE 004) across banking, insurance, and pensions.
Colombia first established Finanzas Abiertas under a voluntary model with Decreto 1297 de 2022 (amending Decreto 2555 de 2010) and, with Decreto 0368 de 2026, made it mandatory: entities supervised by the SFC must share data — with the data owner's consent — under the standards the Superintendencia Financiera de Colombia (SFC) defines.
Decreto 0368 is mandatory but deliberately narrower than the voluntary regime it replaced. Participation is now focused on entities supervised by the SFC — credit institutions, electronic payment companies, trust companies, brokerage firms, pension fund administrators, investment managers and insurers — while unsupervised players move to voluntary schemes. The decree also removed two features of the earlier framework: the Trusted Third Party model and the reciprocity requirement. Data itself cannot be charged for, though providers may recover infrastructure costs.
The implementation clock is the part that matters operationally. The SFC has six months from the decree's entry into force (7 April 2026) to publish the implementation schedule, and once a standard is issued, participating entities have twelve months to enable access — extendable once by up to a further six months. Circular Externa 004 de 2024 sets the first technical specifications, with further standards published progressively by information category. The system includes a dual-verification mechanism for the data owner's consent.
Colombia's growing fintech ecosystem, including companies like RappiPay, Nu Colombia, and Nequi, is actively preparing for open finance. The country's significant unbanked population makes financial inclusion a key driver for the initiative.
Yes. Decreto 0368 de 2026 made Finanzas Abiertas mandatory for entities supervised by the SFC, replacing the voluntary framework established by Decreto 1297 de 2022.
The decree that made Colombia's Finanzas Abiertas framework mandatory. SFC-supervised entities must share data — with the data owner's consent — under standards defined by the Superintendencia Financiera de Colombia. It replaced Decreto 1297 de 2022, under which participation was voluntary.
The Superintendencia Financiera de Colombia (SFC) supervises and sets the technical standards, with the Unidad de Regulación Financiera (URF) responsible for policy.
Deposit and credit products held by the account holder, client onboarding details, and the general characteristics of products and services offered by participating entities. Because insurers, pension fund administrators and brokerage firms are all supervised by the SFC, coverage extends beyond banking. The system includes a dual-verification mechanism for the data owner’s consent.
Participation became mandatory, but the scope narrowed. Decreto 0368 focuses obligations on entities supervised by the SFC and moves unsupervised players to voluntary schemes. It also removed the Trusted Third Party model and the reciprocity requirement, and allows providers to recover infrastructure costs while the data itself stays free of charge.
The SFC has six months from the decree’s entry into force on 7 April 2026 to publish the implementation schedule. Once a technical standard is issued, participating entities have twelve months to enable access, which the SFC may extend once by up to a further six months.
Circular Externa 004 de 2024 sets the first SFC technical specifications. The SFC is publishing further standards and the implementation schedule progressively, by information category.
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