Open Banking in Europe

The United Kingdom is a global pioneer in open banking, with a regulator-mandated ecosystem covering the nine largest banks and over 200 regulated third-party providers serving more than 7 million users.

CMA Retail Banking Market Investigation Order 2017 / PSD2

Germany implements open banking through PSD2, transposed via the ZAG, with BaFin oversight and adoption of Berlin Group NextGenPSD2 API standards across its banking sector.

PSD2 / Zahlungsdiensteaufsichtsgesetz (ZAG)

France implements open banking through PSD2 with ACPR oversight, using STET and Berlin Group API standards across its major banking groups.

PSD2 / Ordonnance n° 2017-1252

The Netherlands implements open banking through PSD2 with oversight from DNB and AFM, leveraging Berlin Group standards across its highly digitized banking sector.

PSD2 / Wet implementatie herziene richtlijn betaaldiensten

Spain implements open banking through PSD2 transposed via Real Decreto-ley 19/2018, with Banco de España oversight and Redsys API hub facilitating connectivity.

PSD2 / Real Decreto-ley 19/2018

Italy implements open banking through PSD2 with Banca d'Italia oversight, using the CBI Globe platform as a centralized API gateway for the Italian banking sector.

PSD2 / Decreto legislativo 15 dicembre 2017, n. 218

Ireland implements open banking through PSD2 with Central Bank of Ireland oversight, benefiting from its position as the European headquarters for major tech and fintech companies.

PSD2 / European Union (Payment Services) Regulations 2018

Sweden implements open banking through PSD2 with Finansinspektionen oversight, building on one of Europe's most digitally advanced and cash-averse economies.

PSD2 / Lag om betaltjänster (2010:751, amended)

Denmark implements open banking through PSD2 with Finanstilsynet oversight, leveraging one of the world's highest internet penetration rates and strong digital banking adoption.

PSD2 / Lov om betalinger

Finland implements open banking through PSD2 with FIN-FSA oversight, complementing its advanced digital society and Nordic fintech ecosystem.

PSD2 / Laki maksupalvelulain muuttamisesta

Norway implements open banking through PSD2 as an EEA member, with Finanstilsynet oversight and strong digital banking infrastructure including BankID authentication.

PSD2 (EEA adoption) / Finansavtaleloven

Belgium implements open banking through PSD2 with oversight from the National Bank of Belgium, using Berlin Group NextGenPSD2 standards.

PSD2 / Loi du 11 mars 2018

Austria implements open banking through PSD2 transposed via ZaDiG 2018, with FMA oversight and Berlin Group NextGenPSD2 API standards.

PSD2 / Zahlungsdienstegesetz 2018 (ZaDiG 2018)

Portugal implements open banking through PSD2 with Banco de Portugal oversight, complemented by SIBS payment infrastructure and a growing Lisbon fintech scene.

PSD2 / Decreto-Lei n.º 91/2018

Luxembourg implements open banking through PSD2 with CSSF oversight, supporting its role as a major European fund management and private banking center.

PSD2 / Loi du 20 juillet 2018

Poland implements open banking through PSD2 with KNF oversight, using the domestic PolishAPI standard alongside Berlin Group NextGenPSD2.

PSD2 / Ustawa o usługach płatniczych (amended)

The Czech Republic implements open banking through PSD2 with Czech National Bank oversight and Berlin Group NextGenPSD2 standards.

PSD2 / Zákon o platebním styku (Act No. 370/2017)

Slovakia implements open banking through PSD2 with Národná banka Slovenska oversight and Berlin Group NextGenPSD2 standards.

PSD2 / Zákon o platobných službách (Act No. 492/2009, amended)

Hungary implements open banking through PSD2 with Magyar Nemzeti Bank oversight and Berlin Group NextGenPSD2 standards.

PSD2 / Act LXXXV of 2009 on Payment Services (amended)

Romania implements open banking through PSD2 with Banca Națională a României oversight and Berlin Group NextGenPSD2 standards.

PSD2 / Ordonanța de urgență nr. 113/2009 (amended)

Bulgaria implements open banking through PSD2 with Bulgarian National Bank oversight and Berlin Group NextGenPSD2 standards.

PSD2 / Закон за платежните услуги и платежните системи

Croatia implements open banking through PSD2 with Hrvatska narodna banka oversight, further enhanced by its 2023 eurozone accession.

PSD2 / Zakon o platnom prometu

Slovenia implements open banking through PSD2 with Banka Slovenije oversight and Berlin Group NextGenPSD2 standards.

PSD2 / Zakon o plačilnih storitvah, storitvah izdajanja elektronskega denarja in plačilnih sistemih

Estonia implements open banking through PSD2 with Finantsinspektsioon oversight, leveraging its world-leading digital identity and e-governance infrastructure.

PSD2 / Makseasutuste ja e-raha asutuste seadus

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

PSD2 / Maksājumu pakalpojumu un elektroniskās naudas likums

Lithuania implements open banking through PSD2 with Bank of Lithuania oversight, having attracted hundreds of fintech licenses as a major EU licensing hub.

PSD2 / Mokėjimų įstatymas

Greece implements open banking through PSD2 with Bank of Greece oversight, with growing digital banking adoption accelerated by post-crisis banking reform.

PSD2 / Law 4537/2018

Cyprus implements open banking through PSD2 with Central Bank of Cyprus oversight and Berlin Group NextGenPSD2 standards.

PSD2 / The Provision and Use of Payment Services and Access to Payment Systems Law of 2018

Malta implements open banking through PSD2 with MFSA oversight, complementing its position as an EU fintech and digital finance licensing hub.

PSD2 / Financial Institutions Act (amended)

Iceland implements open banking through PSD2 as an EEA member, with Fjármálaeftirlitið oversight and nearly universal internet penetration.

PSD2 (EEA adoption)

Liechtenstein implements open banking through PSD2 as an EEA member, with FMA Liechtenstein oversight supporting its private banking and wealth management sector.

PSD2 (EEA adoption)

Turkey is implementing open banking through CBRT and BRSA regulations, with banks developing APIs for account information and payment initiation services.

CBRT Open Banking Regulation / BRSA Guidelines

Switzerland takes a market-driven approach to open banking through the SFTI Common API standard, with voluntary bank participation and FINMA monitoring.

No specific open banking legislation; market-driven approach

Russia has developed open banking standards through the Central Bank of Russia, with domestic implementation continuing amid international constraints.

CBR Open Banking Standards / Federal Law on Open Banking (proposed)