Open Finance Implementation: Global Lessons From the First Wave of Innovation

Open finance places consumers in greater control of their financial data, opening up opportunities for new products and reduced costs for financial services. This paper reviews the most important lessons and good practices from several leading open finance regimes, and considers how rules on four key topics impact open finance development: 

1. Governance models.
2. Pricing and monetization of data and transactions.
3. Liability frameworks for participants in open finance.
4. Supervision of open finance ecosystems. 

The paper shares examples from across the globe as well as recommendations from policymakers who have developed open finance models in their countries.