Unlocking the future, from Open Banking to Open Finance

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Open Banking has already redefined how financial data is shared and consumed but Open Finance is poised to push the boundaries even further. As regulatory frameworks evolve and consumer expectations shift, financial organisations must prepare for a new era of connectivity, transparency, and innovation.

Building upon the principles of Open Banking, Open Finance takes the concept of data sharing and collaboration beyond banking services. It involves the use of technology and data sharing to create a more interconnected and transparent financial ecosystem, beyond just banking. Advancements in regulations, like the shift from PSD2 to PSD3 and the Payment Services Regulation (PSR) introduces stricter standards. Standards such as Enhanced API capabilities and a new level of consumer control through tools like consent dashboards. These changes promise stronger security, reduced fraud, and more reliable integrations— raising the bar for what digital financial services can offer.

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We are living in the era of Open Banking, the first phase of opening financial data and a first step towards Open Finance. But what exactly is Open Banking? This report provides an analysis of the current state of Open Banking, what is needed to move from Open Banking to Open Finance, and the strategies that different players can adopt.

Open Finance in Europe: From Promise to Market Reality

Open Banking drives innovation, but fragmentation persists. This paper shows how PSR/PSD3 and FIDA help banks scale confidently

Open Finance: Acceleration Meets Complexity

At Sopra Steria, we see this transformation as a strategic opportunity to strengthen compliance while enhancing efficiency, traceability, and innovation capacity within the ecosystem.

Open Finance: A journey into the future

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Open Finance: The Evolution of Financial Services Explore key milestones in the evolution of banking—from traditional ledgers to mobile apps and now Open Finance. As regulations like PSD3, PSR, and FIDA reshape the financial landscape, Open Finance enables secure data sharing across a wide range of financial products. The result? Greater transparency, innovation, and personalised services. Are you ready for this new era of finance?

Key Challenges for Market Players

The new regulatory package initiated by European authorities to implement an Open Finance vision is dense and complex:

PSD3 – Focus on payment accounts: Harmonizes current European practices in Open Banking.
PSR – Focus on payment accounts: Introduces new transparency requirements (permission dashboards), removes technical obstacles, improves payment efficiency, and strengthens fraud management.
FIDA – All financial products: Expands the scope of data to be shared among regulated actors, based on market self-regulated schemes. Introduces the possibility of monetizing APIs.

Mid to late 2026: Expected finalisation of the PSD3 & PSR regulatory framework
Mid to late 2027: Expected start of full compliance requirements for financial institutions
Up to 7.5% of annual turnover: Potential penalties for certain cases of non-compliance

36% of adults in France will adopt Open Banking by 2027 (source: Forrester).
49% of French fintechs are developing Open Finance-related solutions (source: Fintech 100).

Financial institutions must respond to these expectations while addressing the technological and cybersecurity challenges of opening financial services. These new market dynamics also create growth opportunities.

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Open Finance – A European perspective on the upcoming regulations, PSR and PSD3

The PSR and PSD3 regulations represent an important evolution for Open Banking and build on PSD2. We can help you navigate these new regulatory requirements smoothly and ensure effective compliance. Watch our webinar to prepare for this transition.

Our European Experts will address 4 major topics:

API Updates, Adapting APIs to meet new TPP requirements
Permissions Dashboards, New user-centric tools for greater control
VoP (Verification of Payer) PSR’s reaffirmed requirement, already supported by Instant Payments
FIDA’s Future An update on the uncertain path ahead for Open Finance

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Beyond Open Finance: Financial Innovation and Data Act (FIDA)

Looking ahead, the Financial Innovation and Data Act (FIDA) will mark a major milestone. By extending secure data sharing beyond traditional banking to include pensions, investments, and insurance, FIDA will lay the foundation for hyper-personalised, AI-driven financial experiences. For IT leaders, this means preparing infrastructure that’s not only interoperable and scalable but built with compliance and trust at its core.