Open banking, what is it: the scope of this financial innovation

▤ Summary

This article explains how open banking evolved from PSD2 into a broader open finance model. It outlines how banks now must share customer-authorized data through APIs, enabling fintechs and other providers to build new financial services. It also covers the next regulatory wave in Europe, including PSD3, PSR, and FiDA, which expand data access beyond current accounts into investments, insurance, crypto, and more. The piece highlights the growth of the market, the rise of platforms like Tink, Plaid, TrueLayer, Yapily, Fabrick, and Revolut, and the increasing role of AI in financial services.

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