Canada    FinTech Guide    Chapter 11    Colombia


11. Identification
Colombia  Colombia

The social and political climate towards identification services is very positive. The Colombian Finance Superintendency is requesting authentication of the customers to the banks to perform online banking operations.



Legal Affairs


Identification services are regulated by Law 527 of 1999. For the electronic signature, an authorization is required. Such authorization shall be issued by the Organismo Nacional de Acreditación to public or private legal entities. Law 527 of 1999 regulates identification services. Such services can be provided through strong authentication mechanisms such as:

  • Biometry
  • Digital signature
  • One Time Password (together with a second authentication method)
  • Cards fulfilling EMV standard (together with a second authentication method)
  • Registration of the terminal authorized to effectuate transactions (together with a second authentication method)


Economic Conditions


There are no official figures as to the size of the market.

The following are the main biggest companies in the market:

For strong authentication services: Gmalto, Vasco, RSA, Visa, Mastercard

For electronic signatures: ETEK, Avanxo, Docusign, Microsoft, Deceval, Papel Cero, DoyFe, Andes, Certicámara, GSE and DIAN
For biometric authentication: RNEC, Certicámara, Thomas Gerg & Sons and Carvajal.



Miscellaneous


Law 527 of 1999 and its decrees regulate identification services. Such services can be provided through strong authentication mechanisms such as: biometry, digital signature, One Time Password (together with a second authentication method), cards fulfilling EMV standard (together with a second authentication method), registration of the terminal authorized to effectuate transactions (together with a second authentication method).



Contributing Authors

Parra Rodríguez Abogados S.A.S.

Alvaro Parra Gómez
Bogota, Colombia


Bernardo Rodríguez Ossa
Bogota, Colombia

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018