meta_id 3392673

On August 4, 2026, the Ministry of Finance and Public Credit of Colombia issued Decree 0977 of 2026, amending Decree 2555 of 2010 to introduce a financial portability framework as a service within the open finance system. The Decree is issued in development of Article 94 of Law 2294 of 2023 (National Development Plan), which grants financial consumers the right to request the transfer of their financial products between supervised entities. It takes effect the day following its publication, with the Financial Superintendency of Colombia required to publish portability standards within 24 months and to include the portability scheme in its standardisation schedule within two months of publishing that schedule. Key provisions include: Definition and scope: Financial portability is defined as the right of a financial consumer to request, at any time, the transfer of credit products held with an originating supervised entity to a receiving supervised entity, together with the associated information contained in the financial portability certificate. The framework applies to all entities supervised by the Financial Superintendency of Colombia that participate in the open finance system and offer eligible portability products. Eligible products: Products subject to financial portability are commercial credit portfolio products (excluding rediscount credits), consumer credit portfolio products, and mortgage credit portfolio products including residential leasing. Residential leasing contracts are expressly included, with lessees permitted to port their contract to any other entity authorised to carry out residential leasing operations. Portability certificate: The originating entity must issue a portability certificate to the receiving entity within three business days of receiving the request, containing at minimum the product identification and holder details, current balance, product characteristics, payments and associated fees, existence of guarantees, and the last 12 months of transactional history. The certificate has a validity of five calendar days in standard cases or 30 calendar days where the product is backed by payroll deductions or guarantees requiring registration. Information in the certificate may only be used to carry out the portability study and may not be used for any other commercial purpose. Portability procedure: The consumer presents the portability request to the receiving entity, which requests the portability certificate from the originating entity. The receiving entity carries out a portability study and communicates its decision within five calendar days in standard cases or 30 calendar days where registration of guarantees is required. If the decision is positive, the receiving entity presents a portability offer, which the consumer has five business days to accept or reject. Upon acceptance, the receiving entity formalises the product and the originating entity issues a release. The process is considered finalised once any applicable guarantee is registered in favour of the receiving entity. Portability offer: The offer must contain clear, complete, and comparable conditions including at minimum economic conditions, rates, terms, commissions, associated costs, and applicable terms. Once presented in the portability framework, the offer is irrevocable in accordance with Article 846 of the Commercial Code. Gratuity: The portability process may not generate any cost, penalty, or additional charge to the financial consumer, without prejudice to costs associated with the transfer, appraisal, assignment, or subrogation of guarantees backing the product. Portability of mortgage credits does not generate notarial, registration fees, or stamp taxes pursuant to Law 546 of 1999 . Consumers may withdraw from the process at any time before accepting the portability offer without incurring costs, penalties, or negative credit reports. Obligations of participating entities: Entities must implement interoperability mechanisms, make all available channels accessible to consumers, guarantee secure, standardised, and free access to portability information, refrain from imposing technical, contractual, or economic barriers, provide clear and timely information, establish complaint and dispute resolution protocols, act with due diligence to ensure seamless execution, facilitate cancellation and transfer mechanisms when products are linked to structured schemes or securitisations, and report information required by the Financial Superintendency of Colombia for supervisory purposes. Implementation timeline: Entities must enable access to the information comprising the portability certificate within 12 months of the issuance of the relevant open finance standards, with the Financial Superintendency of Colombia able to extend this period once by up to six months. The Financial Superintendency must publish portability standards and define reporting information within 24 months of the Decree's entry into force.