Open Banking has already redefined how financial data is shared and consumed but Open Finance is poised to push the boundaries even further. As regulatory frameworks evolve and consumer expectations shift, financial organisations must prepare for a new era of connectivity, transparency, and innovation.
Building upon the principles of Open Banking, Open Finance takes the concept of data sharing and collaboration beyond banking services. It involves the use of technology and data sharing to create a more interconnected and transparent financial ecosystem, beyond just banking. Open Finance aims to empower consumers by giving them greater control over their financial information and enabling them to access a wider range of financial services and products from various providers.
Driven by the progression from PSD2 to PSD3 and the upcoming Payment Services Regulation (PSR), Open Finance introduces stricter standards, enhanced API capabilities, and a new level of consumer control through tools like consent dashboards. These changes promise stronger security, reduced fraud, and more reliable integrations— raising the bar for what digital financial services can offer.
Looking ahead, the Financial Innovation and Data Act (FIDA) will mark a major milestone. By extending secure data sharing beyond traditional banking to include pensions, investments, and insurance, FIDA will lay the foundation for hyper-personalised, AI-driven financial experiences. For IT leaders, this means preparing infrastructure that’s not only interoperable and scalable but built with compliance and trust at its core.
Join our webinar about Open Finance - A European perspective on upcoming regulations.
PSR and PSD3 – the next step for Open Banking
The PSR and PSD3 regulations represent an important evolution for Open Banking and build on PSD2. We can help you navigate these new regulatory requirements smoothly and ensure effective compliance. Join our 1-hour webinar on the 13th of June at 11:15 am to prepare for this transition.