Glossary · Banxico Open Finance
Banxico Open Finance — Mandatory Open Banking in Mexico
Banxico Open Finance is Mexico's mandatory Open Banking framework, established under the 2018 Ley Fintech (Ley para Regular las Instituciones de Tecnología Financiera). Banco de México regulates standardized APIs across three data tiers: open data, transactional data and aggregated data. Implementation has been phased since 2024 across banks, credit information entities and fintech institutions.
Full content in Spanish. This English entry is a concise summary. The complete reference (including comparative tables, official sources and Vermont Solutions context) is available in the Spanish version: Read the full entry in Spanish →
Frequently asked
Is Open Banking mandatory in Mexico?
Yes. Article 76 of the 2018 Ley Fintech establishes the obligation for regulated financial entities — banks, credit information entities (SIC), brokerages, and fintechs (IFPE/IFC) — to share data through standardized APIs defined by Banxico. Implementation is phased and not all data tiers are live for all entity types yet.
What are the three data tiers?
(1) Open data: public information about products, fees, branches and ATMs — publicly accessible. (2) Transactional data: account movement information — requires explicit customer consent. (3) Aggregated data: anonymized statistics for the market — for regulatory and macro analysis purposes.
How does it compare with EU PSD2 and Open Finance Brasil?
PSD2 is narrower (payment data and account information). Banxico Open Finance covers a broader scope conceptually but with slower phased rollout. Open Finance Brasil is more mature (4 phases live since 2022) and frequently used as architectural reference for the Mexican rollout. All three converge on standardized APIs + consent management as core building blocks.
What infrastructure does Open Finance require?
Banks must operate standardized APIs (REST/JSON with OAuth 2.0 + FAPI security profile), a consent management system, observability and SLAs on API uptime, audit trails for every data access, and incident response. Vermont Solutions delivers cross-border API platform modernization and SRE for these workloads with banking-grade availability targets.
English summary maintained by Vermont Solutions. Citable with attribution. Regulation evolves — verify the latest version at the official source linked in the Spanish entry. Does not constitute legal advice.