Chile CMF sets rules for open payments

General Rule No. 514 from Chile’s Financial Market Commission, amended in June 2026, would take effect on July 3, 2027, with a phased implementation, according to FinteChile. The regime would set rules for consent, authentication, security, availability and performance for payment initiation. Diario Financiero, meanwhile, identifies the rollout of the Open Finance System as one of the CMF’s main challenges and places that regulation in July 2027.

What scope would the rule have for payment initiation?

The rule would establish a framework for organizing how third-party initiated payments are authorized and executed, with requirements around consent, authentication and security controls. FinteChile adds that it would also include availability and performance requirements, along with a gradual implementation.

That timeline matters because the same window appears in Diario Financiero’s reading of the Open Finance System. Although both outlets point to July 2027, the material available calls for caution until the CMF issues official resolutions and schedules.

What part still needs official confirmation?

The exact date and the final scope of the effective date still need to be confirmed through official CMF acts and calendars. In the material provided, both FinteChile’s reference and Diario Financiero’s reference are attributed to media sources, not to a primary publication from the regulator.

That caveat matters because the rollout of the Open Finance System and the new duties linked to open payments could overlap with cybersecurity and data protection obligations for banks and fintechs in Chile. For now, what can be verified is that the market is already treating July 2027 as the reference date for that regulatory shift.