The Global State of Open Banking: What's Actually Happening Around the World Right Now

Open banking isn't just a buzzword anymore—it's reshaping how financial data moves across borders, institutions, and into the hands of consumers. But here's the thing: every country is doing it differently.

If you're building fintech products, planning international expansion, or just trying to understand where the industry is heading, this matters. A lot.

Let's cut through the regulatory jargon and look at what's actually happening in the major markets, whilst acknowledging that there are now 90+ countries either 'doing' or exploring Open Banking, making it a global theme that isn't going anywhere.

Europe: The Pioneer That Set the Standard

Europe got there first with PSD2 in 2018, and it's still the template everyone else is measuring themselves against.

What they did right:

• Created real consumer rights over financial data

• Forced banks to open up through regulation, not goodwill

• Built robust authentication standards that actually work

• Sparked genuine fintech innovation across 27 countries

  
  

The results? Third-party providers can now access bank data with customer consent, consumers can compare financial products more easily, and the fintech ecosystem is thriving.

But here's what's interesting: consumer adoption varies wildly between countries. The technology is there, the regulation works, but getting people to actually use open banking services? That's still a work in progress.

Australia: The Perfectionist Approach

Australia's Consumer Data Right (CDR) is probably the most technically sophisticated open banking framework in the world. They didn't just copy Europe—they rebuilt the entire concept from the ground up.

What makes it different:

• Comprehensive data standards that cover everything

• Cross-sector applicability (energy, telecoms, not just banking)

• Rigorous accreditation process for data recipients

• Privacy and security built into the architecture

  
  

The implementation timeline was brutal for banks, but the result is a framework that other countries are now studying closely. When New Zealand and others are building their systems, they're looking at Australia's technical specs.

Bottom line: Australia proved you can build something more comprehensive than Europe, but it takes longer and costs more.

The United States: The Wild West Approach

America is doing what America does: letting the market figure it out while regulators watch from the sidelines.

Instead of mandating open banking, the US has:

• Voluntary adoption by banks

• Private sector API initiatives

• Gradual regulatory guidance

• Innovation through competition, not compliance

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The CFPB keeps talking about Section 1033 rules that would give consumers data rights, but we're still waiting for specifics.

The result? Huge innovation in some areas, massive gaps in others. If you're a consumer, your experience depends entirely on which banks and fintechs you use.

New Zealand: The Pragmatic Middle Path

New Zealand looked at everyone else's approach and said, "Let's be practical about this."

Their model is industry-led but government-backed:

• Major banks implemented Payments NZ API standards by May 2024

• Phased rollout: Payment Initiation first, Account Information by November 2024

• Full Consumer Data Right framework kicks in December 2025

• Focus on increasing competition in a concentrated banking market

  
  

Why this matters: New Zealand is showing you don't need to choose between Europe's regulatory hammer and America's market chaos. There's a middle way that gets results without the drama.

Brazil: The Unexpected Global Champion

Here's the plot twist nobody saw coming: Brazil has emerged as a pioneer in the world of Open Banking and Open Finance, and they're not just leading—they're lapping everyone else.

The secret weapon? PIX and Open Finance working together.

PIX has become Brazil's top transaction method, and when you combine that with their Open Finance framework, you get something no other country has achieved: mass consumer adoption of open banking services.

The numbers tell the story:

• Over 42 million people have consented to data sharing—making Brazil the world leader in absolute terms for Open Banking systems

• More than 800 institutions actively participating in the ecosystem

• Nearly 4 billion API calls in Q3 2022, growing to over 8 billion in Q4 2022

• PIX expected to account for over 40% of Brazil's online transactions by 2026

  
  

What makes Brazil different:

• Infrastructure-first approach: They built PIX as a national instant payment system, then layered open banking on top

• Mandatory participation: Large banks had to participate—no opt-outs

• Free to consumers: No transaction fees for basic PIX payments

• Perfect timing: Launched during COVID when digital payments were essential

  
  

Brazil has emerged as a global leader in digital engagement, driven by innovations such as PIX, proving that sometimes the best open banking strategy is to start with payments and build everything else around that foundation.

The lesson for everyone else: Brazil shows that open banking success isn't just about regulations or technology—it's about creating something consumers actually want to use.

The Global Picture: What This Means for You

Here's where we stand in 2025:

If you're building fintech products:

• Europe: Mature market with established rules

• Australia: Sophisticated framework, growing ecosystem

• New Zealand: Emerging opportunity with practical implementation

• Brazil: Mass consumer adoption, payments-first approach

• United States: High potential, regulatory uncertainty

• Asia (Singapore, India): Rapid innovation with government support

  
  

If you're planning international expansion: Every market requires different technical standards, compliance approaches, and go-to-market strategies. There's no "one size fits all" solution yet.

If you're a financial institution: The trend is clear—customer data portability is coming everywhere. The only question is whether you'll be ready when it arrives in your market.

What's Coming Next

Short term (2025-2026):

• New Zealand's full CDR implementation

• Potential CFPB action in the US

• Continued European refinement

• More Asia-Pacific countries announcing frameworks

  
  

Medium term (2027-2030):

• International standardization efforts (finally)

• Cross-border data sharing agreements

• Consolidation around common technical standards

• Consumer adoption reaching critical mass

  
  

The Bottom Line

Open banking isn't a single thing—it's a collection of different approaches to the same problem: giving consumers control over their financial data.

Europe proved it could work. Australia proved it could be comprehensive. New Zealand is proving it can be practical. America is still proving... well, we'll see.

For anyone building in this space, the key is understanding that "global open banking" doesn't exist yet. What exists are national frameworks that are slowly, gradually, eventually going to connect.

The winners will be the companies that can navigate this complexity while keeping their eye on the end goal: better financial services for everyone.

Want to understand how open banking actually works in practice? Check out our Open Data Dictionary for jargon-free explanations of everything you need to know.