UK-based Open Banking and Open Finance specialist company Open Vector has launched its Open Finance sandbox platform for Mexico which will be powered by Fiorano, according to the official press release.
The sandbox platform’s goal is to promote financial inclusion and, above all, allow banks and participants of the Mexico-based financial system, including fintechs, to continue their efforts to implement the Open Finance initiative in Mexico.
In accordance with article 76 of the Fintech Act, financial institutions, money transmitters, credit information companies, clearinghouse, Financial Technology Institutions (ITFs), and companies authorised to operate with Novel Models will be required to establish programming interfaces for standardised computer applications that enable connectivity and access to share data and information :
- Open financial data,
- Aggregated data and
- Transactional data
Open Vector’s Open Finance MX sandbox is a test environment, built on state-of-the-art technology in collaboration with Fiorano, a leader in open banking technology, and that includes the main technical, security, and user experience requirements defined by leaders in Open Banking/Open Finance worldwide.
Open Vector, through its offices in LATAM and with the support of Fiorano, local partners, and financial institutions, will soon be presenting this sandbox in several LATAM countries.