Access to banking data

The EU experience

In November 2025, the EU agreed on a¹ new Payment Services Directive (PSD3), which regulates the activities of payment service providers (banks and non-bank fintech companies) and the procedure for accessing users' payment account data within the² framework of open banking.

With the user's consent, open banking providers (services that the user authorizes to receive account data or make payments) must have access to the user's payment account data, and banks are required to provide such access on a non-discriminatory basis (providing it to all licensed providers on equal terms).

Users will have more control over access to their data: a permissions dashboard is planned, which will allow payment service users to see in one place which providers they have granted access to their payment account data and to manage the consents they have given.

In addition, PSD3 addresses the technical side of payment services: mobile devices and digital services must not create technical restrictions for the operation of payment applications. Smartphone manufacturers (who control the device and its operating system) and electronic service providers (services that provide applications with access to device functions) will be required to ensure that such applications can store and transfer the data necessary to make payments.

Russia’s experience

In Russia, a similar mechanism for open access to banking data is still under development. Back in 2022, the Bank of Russia presented a concept for the introduction of open³ APIs (tools for the secure exchange of data between banks and other financial companies) in the financial market, and in 2024 published a plan that would require the largest banks to connect to APIs starting in 2026 (and other⁴ participants starting in 2027). For now, the largest banks exchange data via APIs within the framework of individual partnerships. By the end of 2025, the Central Bank of the Russian Federation plans to prepare and publish draft unified standards for information exchange for open APIs.

According to forecasts, access to financial data will continue to expand: By 2030, the global open banking market will grow from⁵ $31 bn in 2024 to $135 bn.

From the monitoring issue No. 11 (23), November 2025. Download the full issue (PDF) · issue page at the Gaidar Institute