Open Banking – A Global Outlook

Since the launch of the second Payment Services Directive (PSD2) in Europe, there has been a sharp rise in the number of countries and banks adopting Open Banking initiatives. These initiatives, regulations and directives vary greatly depending a market’s decided approach.

This guide details the regions, countries and institutions that are moving towards open banking and proposes a framework for categorising them based on four pillars:


Geographical Scope

Open banking initiatives can be introduced at an international level, where they span country borders, a national level where it impacts banks in one particular country or at an industry level when industry players introduce open banking initiatives, not a government body.


Level of Regulation

Implementation of open banking directives by banks can be mandatory, where banks must implement them, organic, where guidance is offered but not enforced or unregulated where no legislation or guidance is offered at a national/international level.


Stage of Development

The process of developing and implementing open banking regulation can take time, which means countries are at varying stages of development: the emergent stage, the transitional stage and the implemented stage.


Degree of Standardisation

The degree of standardisation in a market when it comes to open banking can vary from un-standardised, where a market lacks national-level standards to functional, when a market is pushing open banking but not standardising how it is implemented and technical standards where a market requires that financial institutions follow standardised technical specifications.

Click on any of the regions or countries below to see what initiatives have been introduced there.

Last Update: 7 September 2019