Open Banking in Europe

I have a pleasure to recall that, in Europe, Open Banking is being driven by the Revised Payments Service Directive (PSD2), a regulation taking effect January 2018 that will enable consumers to share their financial data securely with banks and third parties, making it possible for them to more easily transfer funds, compare products and manage their accounts without their bank’s involvement.

According Accenture, while Open Banking is a regulatory requirement in Europe, market competition is driving North American banks to a high-level of interest in implementing Open Banking.