Argentine Central Bank Takes Another Step Towards Open Finance
The Argentine Central Bank announced the launch of its first Application Programming Interface to publish main financial indicators and make them freely and publicly accessible.
On April 29, 2024, the Argentine Central Bank (BCRA) created the first Application Programming Interface (API)[1] to facilitate the exchange of the information it produces. The BCRA keeps this website to facilitate users’ access to the information it collects and to all other information users may find of interest.
The creation of this first API is a firm step towards Open Finance. The concept of Open Finance comprises a model that involves sharing financial information in a secure way, to improve the flow of information in the financial system, thus achieving greater financial inclusion, transparency, and interoperability between public and private actors. Open Finance is a global trend, and countries in the region, such as Brazil, are already implementing it.
The BCRA plans to continue expanding this service by offering other APIs in the near future. These will offer free and open information on exchange rates, checks reported by recipients, and the Central of Debtors.
[1] APIs (Application Programming Interface) are interfaces that enable interaction between software programs and applications in order to share information. Through APIs, downloading and accessing information can be efficiently automated, reducing costs and simplifying access to more of the data available to those who use it for decision making.
This insight is a brief comment on legal news in Argentina; it does not purport to be an exhaustive analysis or to provide legal advice.