Abstract
Open banking is changing the way people use banking services in the modern world. Europe prides itself on being the cradle of the open banking revolution, with the EU's Payment Services Directive (PSD2) being one of the first regulatory initiatives to open up bank-held account data.
This article analyses the current status of open banking in Europe and the actual impacts of PSD2 on the payments industry, and identifies what the barriers are to a more open financial system.