Uruguay-based Prometeo and Australia-based Fiskil have formed a strategic partnership to provide financial institutions, banks, and fintechs in Colombia with a combined infrastructure for Open Finance implementation. The alliance brings together Prometeo's banking API connectivity layer with Fiskil's enterprise consent management and data provider platform, offering a unified architecture designed to support compliance with Colombia's evolving Open Finance regulatory framework.
Regulatory backdrop
Colombia has progressively developed its Open Finance regulatory framework over recent years. Decree 1297 of 2022 established the foundational principles for open financial data, followed by Law 2294 of 2023, the National Development Plan, which embedded Open Finance objectives into the country's broader economic strategy. Most recently, External Circular 004 of 2024, issued by the Financial Superintendency of Colombia (SFC), defined technical standards, security guidelines, and interoperability requirements for the system. The regulatory trajectory points toward mandatory implementation for supervised entities, creating demand for compliant and scalable technological infrastructure.
What the alliance delivers
The joint solution is primarily aimed at supervised entities required to expose data under SFC standards, as well as fintechs and data consumers that rely on consented financial data to build new services. Prometeo contributes its regional network of banking APIs, which enables account aggregation, information validation, and payment processing through a standardised connectivity layer. Fiskil complements this with an enterprise platform for data providers, supporting regulatory-compliant data exposure, user consent management, participant directory integration, and the generation of business and regulatory metrics for monitoring and traceability purposes.
The combined infrastructure is available under SaaS, PaaS, or on-premise deployment models, allowing entities of varying sizes to adopt the solution according to their operational requirements. A company official from Prometeo noted that the core challenge for the market is no longer the regulatory framework itself, but the practical execution of that framework, specifically, how to translate regulatory requirements into a reliable and scalable operational infrastructure capable of serving the entire financial ecosystem.
Ecosystem implications
By connecting core banking systems with data consumers through a unified architecture, the alliance aims to enable not only regulatory compliance but also new API-based business models, real-time financial data access, and the monetisation of digital services. A company official from Fiskil highlighted that sustainable Open Finance operation requires institutions to maintain control over consent management, continuous compliance monitoring, and tools that reduce operational burden.
The initiative reflects a broader pattern across Latin America, where regulatory frameworks for Open Finance and Open Banking are advancing rapidly, but the gap between policy and practical infrastructure implementation remains a key challenge for market participants. Colombia joins Brazil, Mexico, and Chile in having established or developing frameworks that require financial institutions to standardise data-sharing practices, creating growing demand for interoperable, compliant technology solutions.
