What is Open Banking in the United States (US)?

21 Apr 2022 By PAYCEC

In the United States, Open Banking is not as organized.

A lack of Open Banking regulation in the United States is one of the biggest sources of uncertainty. This legislation spells out very explicit standards for banks to be compliant. In Europe, there is a well-defined regulatory framework that requires access to data banks held by programs such as PSD2. While the journey has been rough, Europe has already rolled out Open Banking across the continent, and some estimates suggest that up to 87 percent of countries provide Open Banking in some shape or the other.

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