Open Vector launches Open Finance sandbox in Mexico

22 Feb 2021

Source: Open Vector

Open Vector, a British company specialising in Open Banking and Open Finance, today announced the launch of its Open Finance sandbox platform for Mexico which will be powered by Fiorano, to promote financial inclusion and, above all, allow banks and participants of the Mexican 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, clearing house, Financial Technology Institutions (ITFs), and companies authorized to operate with Novel Models will be required to establish programming interfaces for standardized computer applications that enable connectivity and access in order to share data and information.

Open Vector’s purpose in offering this sandbox, is “to do our part in ensuring the continuity of the good work that has been done in Mexico so far with reference to this open finance initiative. We want to start this first step by offering this sandbox so that entities of all sizes can participate by testing their APIs in this test environment that contains all the required elements and with our technical support. It is important to remember that the “open” movement is centered on the consumer with the creation of new products and services, but this can only be achieved if we create the structures so that equitably all entities and associations that must comply with this regulation can participate,” commented Carlos Figueredo, CEO of Open Vector.

Sandbox Environment

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.

“In its first phase, the sandbox includes functionality for ATM’s query, as well as for querying transactional data information for debit accounts. In later stages, it is planned to include APIs for querying credit products, payments, and notifications among others” commented Einar Guerrero of Open Vector Mexico.

Figueredo says that “it is important that open finance advances in the country through the creation of the next data standards allowing for the creation and introduction of new products and services that benefit the banked and un-banked consumer. This may also directly or indirectly support the regulatory this group creating all the documentation and evidence necessary to ensure the correct adoption of a new data standard. We will use our unique expertise in forming and leading the working groups but most importantly with the collaborative support of the entire community in achieving each and every goal.”

“Since the birth of the Open Finance initiative in Mexico, Banca Afirme has worked together with Open Vector, so that the standards that have made Open Banking a reality in the United Kingdom are adapted to the Mexican market. From this effort arises a strategic alliance, which, under the regulatory framework, will allow the creation of new business models, generating competition and greater benefits for customers.That is why Banca Afirme supports Open Vector’s open finance sandbox proposal so that we can all collaborate and ensure the future of this initiative”, said José Maria Sobrevia, Executive Director of Digital Business and Alternate Channels of Afirme Grupo Financiero.