Open Banking in Latvia

Live (Regulated)

Latvia implements open banking through PSD2 with FKTK oversight and Berlin Group NextGenPSD2 standards across its banking sector.

Key Facts

Approach

Regulated

Regulatory Body

Finanšu un kapitāla tirgus komisija (FKTK)

Key Legislation

PSD2 / Maksājumu pakalpojumu un elektroniskās naudas likums

Topics

Open Banking

Internet Penetration

90%

Data Scope

Payment accounts, Account information, Payment initiation, Confirmation of funds

Timeline

2015PSD2 adopted by the European Parliament and Council

2018PSD2 transposed into Latvian law; FKTK oversees compliance

Standards & Specifications

Berlin Group NextGenPSD21.3.12

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Open Finance in Latvia

Latvia transposed PSD2 into national law, with the Finanšu un kapitāla tirgus komisija (FKTK) as the regulatory authority. Latvian banks including Swedbank Latvia, SEB banka, and Citadele have implemented open banking APIs following Berlin Group NextGenPSD2 standards.

Latvia's banking sector has undergone significant transformation in recent years, with a shift toward domestic and EU-focused business. Riga's technology sector supports growing fintech activity in the Baltic region. As a eurozone member, Latvia benefits from integrated EU payment infrastructure.

The Baltic states' collaborative approach to digital services and shared digital infrastructure creates opportunities for cross-border open banking innovation within the region.

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Related Resources

Open Banking in Europe Compare Latvia with other countries EU Data Act Compliance

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