Global Open Banking Regulators
Open Banking regulations are being implemented worldwide, with each region developing frameworks suited to their financial markets. From Europe's PSD2 to Australia's Consumer Data Right (CDR), the USA's Section 1033, India's Account Aggregator framework, and Brazil's Open Finance ecosystem - regulators globally are enabling secure financial data sharing between banks and licensed third parties.
Major Open Banking Frameworks
- PSD2 (Europe) - Payment Services Directive 2 mandating API access across the EU/EEA
- CDR (Australia/New Zealand) - Consumer Data Right enabling economy-wide data portability
- Section 1033 (USA) - CFPB rule establishing personal financial data rights
- Account Aggregator (India) - Consent-based data sharing framework via licensed aggregators
- Open Finance Brasil - One of the world's most comprehensive open finance implementations
- MyData (South Korea) - Cross-sector personal data portability framework
Role of Open Banking Regulators
- Licensing and accreditation of Third Party Providers (TPPs)
- Setting technical standards and API specifications
- Enforcing consumer protection and data privacy requirements
- Monitoring compliance with authentication and security standards
- Facilitating interoperability between financial institutions