We’re excited to share the latest news about the future of open finance in Colombia and how this will positively impact our solutions!

But before we dive in, what is open finance? To simplify, think of it as a way to democratize access to financial information. With open finance, individuals and businesses have control over their financial data and can easily share it with other companies to access a variety of personalized services and benefits. In short, open finance aims to make the financial system more open, transparent, and accessible for everyone.

As many of you know, yesterday the Financial Superintendent of Colombia issued a circular marking the beginning of the second phase of implementation of the open finance model in our country. This initiative represents a great opportunity for Konvex and all our clients, as it will allow us to diversify access to information and further enrich our solution.

The open finance proposal seeks to change the mindset regarding the use of financial data, allowing users to authorize third parties to access their information securely.

This means that, for example, if a company wishes to access a loan from Finaktiva, Konvex could provide Finaktiva with financial information from accounting software, ERPs, state entities, and banks through its API, minimizing placement time, reducing portfolio risk, and benefiting the company seeking this credit. Amazing, isn’t it?

This new regulation focuses on ensuring the highest standards of security and data protection. Technological protocols and security standards are established to allow Colombians to securely and transparently move their personal information from one regulated entity to another.

At Konvex, we are committed to innovation and the security of our clients. That’s why we’re excited to work on the implementation of these new standards and ensure that our solutions comply with all regulatory requirements.

We’re confident that this measure will be a milestone in the recent history of Colombian financial markets and will represent a new way for Colombians to engage with the financial system.

Get Konvex and be part of the change!