Opening doors to open finance: evidence from the international experience

Hakan Eroglu, Giulio Cornelli, Jon Frost, Friederike Rühmann and Vatsala Shreeti

No 168 in BIS Papers from Bank for International Settlements

Abstract: Open finance is transforming the financial system, with rapid adoption in several jurisdictions in the years since its introduction. By enabling the sharing and use of customer-permissioned data, open finance can foster innovation, competition and financial inclusion. Early evidence highlights a role for open finance in breaking through data silos, reducing information asymmetries and driving venture capital investment. Successful implementation depends on standardised data sharing protocols and interoperability that enable seamless payment system connectivity and data exchange, all underpinned by robust regulatory frameworks. This paper examines international experiences with open finance, shedding light on its impact on competition, market entry and financial access, while discussing the challenges that remain.

Date: 2026 Written 2026-03
ISBN: 978-92-9259-944-7
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