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Open banking has picked up serious momentum worldwide. The US still follows an industry-led approach, but the UK, EU, Australia, and India have taken the regulatory route. Industry-led markets, like the US and Canada – are also moving towards a regulatory framework like CFPB Section1033 for US and Consumer-Driven banking Act (CDBA) for Canada. EU-PSD2, UK Open Banking, Australia’s CDR—these frameworks all require consent-based data sharing.More
Open banking has picked up serious momentum worldwide. The US still follows an industry-led approach, but the UK, EU, Australia, and India have taken the regulatory route. Industry-led markets, like the US and Canada – are also moving towards a regulatory framework like CFPB Section1033 for US and Consumer-Driven banking Act (CDBA) for Canada. EU-PSD2, UK Open Banking, Australia’s CDR—these frameworks all require consent-based data sharing. Customer data can only be accessed with the customer’s explicit consent, putting individuals in full control of their financial information.
For banks, the real challenge isn’t just checking the compliance box. It’s finding domain-led technology partners who can deliver scalable implementation, faster time-to-market, and room to innovate—all within a regulated ecosystem.
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Are You Ready for the Open Banking Compliance?
Every region has its own open banking rulebook—and those rulebooks keep getting updated. Banks face strict requirements around data protection, consent, security, and reporting. The hard part? Staying current with regulatory timelines, holding third parties and internal systems to the same compliance bar, and being audit-ready at all times. That’s the challenge most institutions are wrestling with right now.
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