Open Finance: the evolution towards an open financial system
What is open finance?
Open Finance is a model that allows users to safely share their financial data with different institutions (banks, fintechs, and insurance companies) to access personalized products and services.
In Mexico, we can access Open Finance services such as loans and lines of credit with immediate assessment.
The evolution of Open Banking
Open Banking allows users to share their financial data (accounts, transactions, and credit history) with authorized third parties through safe APIs. It only includes banking information and focuses on accounts, payments, and credit.
In addition to banking data, Open Finance includes information on insurance, investments, pensions, non-bank loans, payment platforms, and digital financial products.
The whole financial ecosystem.
Open Finance increases the types of shared data, allowing for more personalized services and putting the user at the very center of the banking experience.
Access to finance management services and multibanking through apps such as:
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Kueski: uses data analysis to offer personal loans to those without a traditional credit history.
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Konfío: focused on SMEs, it uses its connection with Tax Administration Services and bank accounts to grant business lines of credit in minutes.
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Xepelin: a financing platform that analyzes companies' invoices and cash flow in real time to advance payments.
Access to digital banks and neobanks
Openbank: a 100% digital bank from Santander that began operations in Mexico at the start of February 2025 by offering accounts and cards through entirely online processes.
Nubank (Nu México): a Brazilian neobank that uses alternative data to issue high-yield credit cards and savings accounts.
Revolut: a neobank that recently launched full-range banking operations in Mexico, allowing for international money transfers and currency management with open technology.
