Information Quality

Open Banking

a revolutionary concept that is transforming the financial industry

What is Open Banking and How does it Work in Practice?

The Open Banking is an approach that allows users to share their financial data with third parties in a secure and controlled manner. This implies that financial institutions, such as banks and fintechs, to provide access to customer data through application programming interfaces compute standardized (APIs).

These APIs facilitate the secure exchange of information between different systems and platforms, which allows for greater integration and a more personalized experience to the users.

In a world that is increasingly digitised, Open Banking has emerged as a revolutionary concept that is transforming the financial industry.

In IQ Information Qualitywe understand the critical importance of protecting the security of the data, especially for professionals like you, who have the responsibility of protecting the confidential information of the customers of your bank or fintech.

Who benefits from the Open Banking?

The Open Banking does not only benefit the users by providing them with greater convenience and control over their financial data, but also fosters competition among financial institutions. By allowing customers to share their data with third parties, it creates an environment in which firms fintech and other institutions can develop innovative products and services that are better tailored to the needs and preferences of the customers.

This competition is driven by the Open Banking leads to an improvement in the quality of financial products and services offered, as well as greater transparency in the prices and terms and conditions. In addition, the open access to the information about financial products and services available, the Open Banking empowers users by allowing them to make more informed decisions and to easily compare between the different options available in the market.

In summary, the Open Banking not only promotes innovation and competition in the financial sector, but also directly benefits the users by offering them a greater variety of options and greater control over their financial data. This represents a significant change in the way in which we interact with our finances, offering more flexibility and a more personalized experience for each individual.

Comprehensive protection and Regulatory Compliance in Open Banking

In IQ Information Quality, we are committed to the security and compliance in the environment of Open Banking. It is essential that the third party data recipients with whom customers share your information, comply with regulations and safety standards more demanding:

Check and Rigorous Regulatory Compliance: Essentially, it is important that each third party has strong policies for processing of personal data, verifying the compliance at each step of the process.

Customer care and Transparent Procedures: Each third party receiver of data must have clear procedures and efficient to address queries and complaints. Customer satisfaction and proper management of any problem are paramount.

Risk management and High-Level Security: Implement high standards of information security and cyber security to protect data at all times, evaluating proactively risks to ensure maximum protection.

Advanced encryption and Protection of Sensitive Data: Use encryption algorithms that are internationally recognized to protect the personal data of the clients, ensuring the maximum security in storage and transmission.

Continuous monitoring and Detection of Anomalies: Have monitoring systems in constant alert, detecting and addressing any anomalies or suspicious activity in a proactive manner. This protects the security of the data at all times.

Regulatory Compliance:

According to the circular 004 February 7, 2024, recipients of data must comply with the following requirements, which will be validated by the entities monitored:

  • To manage Risks associated with the processing of personal data for which it can use frames of reference as ISO 27001 among others.
  • Encrypt the data using encryption algorithms strong
  • Manage the vulnerabilities the platforms involved Qualys)
  • Certification PCI DSS issued by a QSA in the event that the receiver stores process, or transmit account data of debit cards or credit.

In IQ Information Quality, we are proud to be your ally in the protection of the security of the data in the context of Open Banking.

We are committed to maintain excellence in our services as we work to safeguard the integrity and confidentiality of your data at any time. We are here to give you the peace of mind that you need in this dynamic environment.

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