The world of Open Banking / Finance
Europe has had PSD2 for several years which enabled the development of Open Banking and strengthened the continent’s payment ecosystem. It will soon welcome PSD3/PSR, which is often described as a natural evolution of PSD2 rather than a revolution. Moreover, the long-awaited FiDA (Financial Data Access) proposal will, in the next 12 to 36 months, revolutionize the way financial institutions operate. But what about other parts of the world? We’ve put together an interactive map for you to discover or dive deeper into similar initiatives.
What are FiDA and Open Finance all about?
Subject to the end-customer permission, financial institutions will have to provide third parties with certain customer data continuously and in real-time.
Such provision of data shall be performed in the context of a financial data sharing scheme, which will determine notably the compensation that the data holder can request for such provision of data.
Once Open Finance becomes a reality with the adoption of FiDA, it will present a myriad of opportunities for all stakeholders – financial institutions, third-party providers, but also private companies or public administrations.