The future of open banking: UK, EU, and US perspectives

Open banking promises to unlock innovation and empower customers by enabling financial information to be shared between traditional banks and third-party service providers. However, it also creates security risks and potential privacy concerns.

In the UK, the industry is working with regulators to develop a sustainable commercial model for open banking while the government is looking to expand the open banking concept to the wider financial services regime and to other sectors through the introduction of “smart data” schemes.

The EU, having first introduced the framework for open banking with the adoption of PSD2 in 2015, is now seeking to bolster its rollout further through changes to the Payment Services Directive as well as a proposed new regulation on financial data access (FIDA). 

Meanwhile, the Consumer Financial Protection Bureau’s final rule on personal financial data rights, which was intended to lay the groundwork for open banking in the United States, has been challenged in federal court and is now being reconsidered by the Trump administration.

On Monday 24 March 2025, a panel of senior Freshfields lawyers from the UK, EU and US participated in a live webinar in which they discussed the future of open banking and what it means for banks and third-party service providers. Participants included Claire Harrop, a regulatory partner in our London office; Daniel Klingenbrunn, a principal associate in our Frankfurt office; and David Sewell, a partner in our New York office. They were joined by Rob Driver, of UK Finance, who is leading the trade association’s efforts on open banking and provided valuable insights into the industry’s priorities.

To access a recording of this webinar, please click here.