meta_id 3516872

Colombia's Financial Regulation Unit (Unidad de Regulación Financiera, URF) has extended implementation deadlines for the country's mandatory open finance system and financial portability scheme through a presidential decree modifying Decrees 368 and 977 of 2026. The Financial Superintendence of Colombia (Superintendencia Financiera de Colombia) now has 12 months—extended from six months—to publish the standardisation work schedule for the open finance system. The deadline to operationalise the participant directory has been extended from 12 to 18 months, and the deadline to define monitoring indicators has similarly been extended to 18 months. For financial portability standards and reporting requirements, the deadline has been extended to 30 months, up from 24 months. All timelines are counted from the entry into force of their respective decrees. The extension addresses technical, operational, and regulatory concerns raised by the Financial Superintendence in September 2026. The URF determined that a coordinated strategy with the financial industry and strengthened institutional capacity are necessary to avoid regulatory and technological reprocessing and unnecessary compliance burdens on participants. The open finance system aims to deepen financial inclusion, promote financial digitalisation, and enable new services including financial portability by establishing interoperable, secure, and reliable standards. The decree was approved by the URF's Executive Board on September 14, 2026, and takes effect the day following its publication. The modification ensures an orderly, gradual, and technically robust implementation of Colombia's open finance framework, which forms part of the government's broader financial inclusion and digital economy objectives under Law 2294 of 2023.