The Paypers’ 2025 Open Finance Report tracks the shift from Open Banking compliance to Open Finance strategy across Europe, North America, Latin America, and Asia-Pacific.
- Europe’s Financial Data Access (FiDA) framework, now in trilogue negotiations, extends data sharing beyond payment accounts to savings, pensions, investments, and insurance through scheme-based governance.
- The UK’s Data (Use and Access) Act enables economy-wide Smart Data schemes, while Switzerland takes a market-led path through SIX bLink and OpenWealth API standards.
- In North America, the US finalized Section 1033 in October 2024 but reopened it for revisions following lawsuits. JP Morgan’s decision to charge for API access set a monetization precedent, with platforms like Plaid negotiating paid partnerships. Canada passed the Consumer-Driven Banking Act in June 2024, targeting Open Banking launch by mid-2027.
- Brazil marks five years of Open Finance with 800 institutions, 70 million users, and 102 billion API calls in 2024, integrating instant payment system Pix with data-sharing infrastructure. Australia’s Consumer Data Right recorded 1.8 billion API calls but struggles with adoption (0.31% of bank customers).
Singapore’s SGFinDex and India’s Account Aggregator framework serve 64 million accounts, powering fintech lending and wealth management at scale.