Overview
- The Superintendency of Banking, Insurance and AFP (SBS) published its Open Finance roadmap and created an internal Open Finance Department led by Claudia Cánepa to drive implementation.
- The plan spans four stages: a diagnostic in the first half of 2026, regulatory and technical specifications through the second half of 2027, gradual banking rollout from 2027 to 2029, and consolidation into broader open finance from 2029 onward.
- Participation will start with the largest banks and other ready institutions under security and technical standards, moving from optional to progressively mandatory, with smaller entities likely joining later due to cost constraints.
- Initial deployment will focus on up to two standardized data packages to be defined in technical working groups, with general rules and first specifications slated for approval in 2026.
- SBS says customer-authorized API-based data sharing aims to boost competition, ease switching, improve pricing and credit access, and it is coordinating with SMV, MEF, BCR, Indecopi and the Data Protection Authority while drawing lessons from Brazil, Chile and Colombia.