Three Routes to One Destination: Comparing Open Finance in Chile, Colombia and Peru

An Ozone API & Finerio Connect Article

Ask three regulators to build the same thing, in the same region, in the same decade, and you get three different roads. Chile, Colombia, and Peru are all building toward Open Finance. None of them are doing it the same way, and none of them are on the same clock. And that is understandable as we have seen around the world that there is not one perfect blueprint. Each country may have different objectives, different market conditions and different political and cultural considerations.

Ozone API and Finerio Connect have been building alongside regulators and institutions across all three markets, plus live ecosystems already running in Guatemala. This article provides you with a comparison of where each one actually stands today from businesses on the ground.

The Three Routes

Chile: the framework is confirmed and dated. Every piece of the Sistema de Finanzas Abiertas is defined: the law, the operating rules, the technical annex. What’s left is implementation, not interpretation.

Colombia: the how came before the what and when. The security and technical profile has been public since February 2024, and the obligation itself has been binding law since April 2026. But the SFC still hasn’t set a deadline for issuing the data standards that would make an actual exchange possible.

Peru: still in design, and still open to influence. The SFA guidelines are being created, following public consultation which closed on 7th August 2026. 

Legal Status, Side by Side

What Each Route Means in Practice

Chile rewards early certification, not early guessing. With the rulebook already fixed, the work is entirely operational: securing the two mandatory third-party certifications, meeting the transaction-latency requirements (4 sec for Data APIs and 0.8 sec for Payment APIs, after the implementation phase, and hitting the service levels the CMF has already published. The real decision point isn’t the July 2027 effective date. It’s the 2027 budget cycle, running September to November 2026, because the certification path has to close before Group 1’s roster deadline around September 2027.

Colombia rewards contractual discipline. Because so much of the operational detail, consent duration, revocation mechanics, service levels, dispute resolution, is left unwritten by design, institutions have to close those gaps themselves through bilateral agreements and platform architecture. Colombia is also the only market already charging for data access today, on a cost-recovery basis, which changes the commercial conversation entities need to have with counterparties right now, not in 2028.

Following the closing of the comment window on 7 August 2026, Peru will start converging toward the same kind of fixed specification Chile and Colombia already have. We await to see what the final regulations will look like and expect to hear more in the coming months.

What They Share

Different laws, different timelines, different monetisation models, but every regulator here is solving the same underlying problem: how to move account and transaction data safely between institutions, at scale, with enforceable consent. Security profiles converge on FAPI 2.0 in all three markets, even where the surrounding detail (Message Signing, PKCE, token binding) differs. Consent design in all three explicitly bans pre-ticked boxes and manipulative patterns. And in all three, the institutions that treat this as a compliance checkbox will be behind the ones that treat it as infrastructure, which will in turn be behind the ones that treat it as a business strategy.

That’s the point Nick Grassi, Co-CEO of Finerio Connect, makes about the region as a whole:

“Our alliance with Ozone API has been a game-changer for the region. We realized early on that waiting for regulation was a missed opportunity. Together, we are proving that Open Finance is a business model, not just a compliance checkbox. By launching live ecosystems in Colombia, Chile, and Guatemala ahead of the regulators, we aren’t just preparing our clients for the future; we are helping them build it today.”

Where Ozone API and Finerio Connect can Support

The three-market comparison isn’t an academic exercise for us. It’s the map we work from. Ozone API brings the standards-compliant technical platform, built by the people who helped write the original UK Open Banking standard, and Finerio Connect brings the regional deployment experience of running live ecosystems ahead of regulatory deadlines rather than after them.

That combination matters differently in each market. In Chile, it means having a platform already built to the FAPI 2.0 and Message Signing spec the CMF has locked in, with certification support ready before the 2027 budget cycle closes. In Colombia, it means infrastructure that can operate correctly under a binding law today while the data standards it will eventually connect to are still being written. In Peru, it means bringing the operational lessons from three other markets into the current consultation process.

Three regulatory paths, three different clocks, one underlying shift. Open Finance in Latin America isn’t a future event anymore. In Colombia it’s already law. In Chile the countdown has a fixed end date. In Peru the regulations are currently in design. Whichever market an institution operates in, the decision it’s actually facing is the same one: build now, on infrastructure that already understands where each of these regulations is headed, or wait and close the gap under pressure later.

Get in touch with the Ozone API team to start building for the future.