The “Open Finance” is a model for the exchange of financial information between banks and any financial institution. It is through this that a financial service may let you add accounts from various institutions, combining the different formats they offer in one.
The Open Finance regulation establishes that entities with the implementation of APIS, or information exchange applications, may share open financial data with each other such as the location of branches or ATMs; also aggregated data such as the operational statistics of financial entities and the transactional information of their users.
Because of this, it is highly likely that Big Tech companies such as Amazon , Google , Facebook , Apple and Microsoft, will be able to access your bank details.
However, according to Gilberto Pérez Hernández, general director of Regulatory Development of the National Banking and Securities Commission (CNBV), for now the Big Tech can only request data.
The request for transactional data can only be done once they have the authorization of the CNBV.
Many financial institutions collect information about their customers as a regular part of their business of providing products or services.
For example, when you apply for a loan, you provide your name, phone number, address, income, and details about your assets. When the institution is considering your application, it may collect additional details from other sources, such as credit reports prepared by credit bureaus.
And as you use a financial product-a credit card, for example-your institution will have a record of how much you buy and borrow, where you like to shop, and whether you repay your balance on time.
Some financial institutions share this information with other entities-including completely unaffiliated companies such as retailers, telemarketers, airlines and non-profit organizations-to help them target consumers who might be interested in their products or programs.
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