Sudeban publishes new conditions for fintech businesses

The Superintendency of Institutions of the Banking Sector (Sudeban) published in the Official Gazette No.42,151, dated June 17, 2021, a series of regulations related to financial technology services (fintech).

As indicated in part of the resolution, the objective of this regulation is to “regulate financial services provided through new technologies, as well as promote the principles of financial inclusion and innovation, promotion of competition, protection of banking users, preservation of financial stability, prevention of money laundering operations, financing of terrorism and financing of the proliferation of weapons of mass destruction.”

One of the most prominent points is the essential requirement to operate as a Financial Technology Institution of the Banking Sector (ITFB), for which it is necessary to obtain an authorization from Sudeban and by the Higher Body of the National Financial System (OSFIN).

The purpose of the ITFBs will be to carry out financial technology operations with the limitations established by Sudeban.

On the other hand, the Gazette provided details of what will be the financial products and services that all fintech companies will be authorized to provide in the country:

1. Payment Products and Money Stores

1.1. Automated Savings from User Accounts to a New Account: Provides the possibility of ordering transactions in the user’s bank accounts, with prior authorization from the service provider to access their bank accounts and make transfers to deposit accounts or other paid accounts. in a different institution.

1.2. Automated Savings in social networks from user accounts to a P2P platform: Service provided to users of social networks, in the form of automated dialogue software (known as chatbots) embedded in the messaging system, instead of telephony applications mobile. The chatbot, developed, has the ability to connect with financial institutions, with the user’s authorization, through an API.

1.3. Mobile Payments: Payment of purchases by users through a telephone or other mobile device; It can allow the transfer of funds to third parties, charged to the bank accounts or credit cards of the users in a banking Institution.

1.4. Mobile Payments of Direct Cooperation Bank-Mobile Network Operator: In this case, the Provider is a mobile network operator associated with one or more Banking Institutions, through which payments are channeled to them.

1.5. Mobile payments-direct collection to the mobile phone account: In this case, the payments made by the user are not reflected as a debit in the account of a financial institution or in the credit card. Instead, the Mobile Network Operator charges the user, either in a monthly bill or against a prepaid balance.

1.6. Payments with credit cards through API: Service provided through a payment gateway operator company, through a computer code (API) that offers retailers and other companies Integrate a payment service in their own systems customers in online stores, including mobile payments.

1.7. Virtual prepaid cards: Virtual cards offered through the Internet or mobile telephony, for single or repeated use, issued affiliated with national or international brands of credit or debit cards, with no prior credit evaluation.

1.8. Payment gateways: Set of services that a company provides to various participants in commercial operations. It is usually established as an intermediary between companies that require payment solutions and financial institutions that ultimately accept transaction fees.

2. Products Within Banking Institutions

2.1. Opening a bank account through new technologies: The possibility of opening a new account, without being active clients of the Financial Institution, using new data verification tools and requirements without the need to physically go to a banking agency.

2.2. Multi-platform banking solutions: Solutions that integrate software and, in some cases, equipment, which allow banking institutions to start or improve the distribution of their products and services through various digital channels, such as Internet banking, mobile phones, messaging SMS / USSD, kiosks and social networks.

2.3. Use of free domain statistical data for financial purposes: It offers financial institutions the possibility of collecting useful information obtained from the interaction of current or potential clients through digital means.

2.4. Connection platforms of FINTECH and banking institutions: Online platform where Financial Technology Institutions of the Banking Sector (ITFB) and Banking Institutions can connect and explore partnerships.

2.5. User voice authentication: Product specialized in the recognition of the identity of customers in a secure way that use voice communication channels with financial institutions.

2.6. Automated interaction of financial users: Product that combines AI, semantic analysis and cognitive analysis to promote customer-financial institution interaction through computer systems, regardless of human action.

2.7. Compliance software: Tool offered to the user to control compliance with the obligations contained in financial regulations, especially those related to the prevention of money laundering, as well as the mitigation of other risks.

2.8. Risk management solutions: It is a complementary product intended for financial institutions to strengthen their existing risk management tools.

3. New Business Models

3.1. Integration of social networks-payments-finance-retail: Creation of a conglomerate, around a social network or an instant messaging service, which adds a service for transferring funds and payments between its users and participating companies.

3.2. Banking as a service: Business models in which a financial Institution 1, holder of a license, opens its services to other providers of financial services, generally non-banking, keeping for itself certain core functions, such as checking accounts and connection with the payment system.

K. Tovar

Source: Bancaynegocios