As clear pioneer in Open Banking due to PSD2 directive, safety guidelines have been set by the European Banking Association (EBA) with Regulatory Technical Standards (RTS). Widely adopted API standards (Open UK, Berlin Group, STET), are mainly designed by the market itself, making cooperation between banks and fintechs the main challenge due to different frameworks adopted by each country.
Still a beginner in Open Banking, the USA don’t possess a legal regulation framework yet. Due to the large number of Fintech offerings and edge in digital banking, the market is driving the effort to define Open API standards and interoperability frameworks.
South America is more advanced in Open Banking than the rest of the continent. Brazil’s Central Bank has announces guidelines for Open Banking and API standards extend the functionality included in PSD2, while Mexico is the first country in Latin America to regulate the Fintech Market.
Still at an early stage, Asia is more fragmented than Europe in adopting an Open API standard. With no official regulation present, Open Banking is being pursued at local level, driven mainly by the market. Open APIs are widely adopted and specifications cover a much higher level of service than PSD2
Mature in Open Banking regulation as it has both rules for banking data and a central regulator of TPPs. The requirements for Open API based services extends those of PSD2 and the 4 largest basks have provided open APIs
Beginner level in Open Banking as digital service development is focused on financial inclusion. Open Banking initiatives are driven primarily by the market and TPP regulation and impact is still at an early stage