It has been over five years since open banking was introduced in the UK and the European Economic Area (EEA). Open banking is now either live or in progress in over 65 countries around the world.

Whilst great strides have been made, policymakers and the private sector have struggled to define and create the appropriate market conditions for an open finance ecosystem. This challenge is not only experienced in the UK and EEA but all over the world.

Konsentus has had a unique and privileged position to witness and participate in the developments of many open banking ecosystems globally. As open banking makes way for open finance, and as part of our mandate to educate and develop best practice for open finance ecosystems, Konsentus has developed a set of core guiding principles that we believe are universal considerations.

As the European market gets ready to discuss PSD3, Konsentus has taken these principles and applied them to the EEA, as it continues its quest towards open finance, and ultimately, we hope, open data.