The EU is considering whether the potential successor of PSD2 (PSD3), should be a regulation as opposed to a directive. Regulations are directly incorporated into member state law, which would shorten the timespan in which the PSD2 successor becomes effective law and promote increased standardization across member states. But there’s still a long way to go until this legislative process will be completed.

Australia completed a phased timeline of open banking development in February this year

According to a Mastercard study in 2021, the UK and Nordics were the leaders of the open banking revolution in Europe, thanks to a high number of well-functioning bank APIs, progressive regulators, and consumer readiness.

Open Banking (and later Open Data) can only realise its full potential if organisations big and small persistently invest in making it better and more useful over time. The most efficient and effective way for that to happen is if there are self-sustaining market economics that reward those who do.

65% plan to reduce their non-essential spending over the next 12 months, for example by cutting out takeaways and cancelling subscriptions

people across these markets told us they plan to take drastic action to rein in their spending, as well as turning to a range of third parties for financial support. Among those they would most likely turn to are their banks and other financial providers.

in July 2022 we worked with Opinium Research to survey 7,000 consumers across key European markets – France, Germany, Italy, the Czech Republic, Slovakia and the UK

As this report highlights, the majority of people in the UK have now swapped their preference for in-branch banking for a digital-first service.