The Central Bank of Uruguay has presented a draft bill to create an Open Finance System aimed at modernizing the country’s financial and payments system. The proposal is built on the principle that users own the data generated through their financial transactions and would allow individuals and companies to share that information securely with registered institutions, subject to prior, express and informed consent, to access services on potentially better terms. The system is designed as a regulated, interoperable and interconnected infrastructure for access to and use of financial and payments data while keeping users in control of that information. It would also allow registered third parties, when authorized by users, to initiate operations including payments. The bank links the framework to broader goals of expanding payment and financial service offerings, supporting competition and new market entry, strengthening security and interoperability, and improving access to formal credit by complementing traditional risk assessment with financial and transactional data, particularly for people and businesses with limited credit history. The Central Bank of Uruguay’s board has approved the proposal for submission to the Ministry of Economy and Finance. The initiative is also identified as a 2026 objective under the 2026-2030 Payments System Roadmap.
Central Bank of Uruguay2026-06-16
Central Bank of Uruguay advances draft law for an Open Finance System with consent based data sharing and third party payment initiation
The Central Bank of Uruguay has advanced a draft law to create an Open Finance System under which users could securely share their financial data with registered institutions based on prior, express and informed consent. The framework would establish regulated data access and allow authorized third parties to initiate payments and other operations. The proposal has been approved by the bank’s board for submission to the Ministry of Economy and Finance.