PYMNTS.com – July 6, 2018 – While Open Banking is not exclusive to the European markets, recent PSD2 and Open Banking regulations that came into effect earlier this year offer an opportunity for other jurisdictions to learn by example.
The service model of Open Banking is quickly spreading beyond EU borders. An Accenture report released last year found nearly two-thirds of banks in North America agree that embracing open banking will be key to remaining competitive, making this market more open than Asia-Pacific (APAC) or even Europe when it comes to data sharing.
Senior Managing Director of Banking Alan McIntyre at Accenture said at the time, “Unlike banks in Europe where it is mandated by regulation, those in North America and Asia-Pacific have the luxury of deciding if, how and when they will implement Open Banking, and we expect many will do so as a way to more easily offer integrated financial services to customers.”
With PSD2 already several months old, other markets have a chance to let Europe endure the growing pains and mishaps before setting off on their own open banking journey. One of them is Canada, which has yet to enact Open Banking requirements for its financial services market, yet the industry and policymakers alike already appear poised to embrace a model that encourages the sharing of financial data across FinTech firms and FIs.