A cheat sheet for the overlapping open banking standards and rules shaping data-sharing in 2026.
Open Banking's Alphabet Soup: PSD2, PSD3, FiDA, FDX and Section 1033 Explained
A roundup explaining the open banking frameworks and API standards active in 2026 — from the EU's PSD3 to the US's stalled Section 1033 rule.
Open banking regulation has splintered into several overlapping frameworks depending on region — useful to have straight, since they're often confused for one another.
01European Union
PSD2 — The original 2018 EU framework requiring banks to open payment account access to licensed third parties via API, still the operating baseline today.
PSD3 and the Payment Services Regulation (PSR) — The European Parliament and Council reached provisional agreement on November 27, 2025, with final texts expected in the Official Journal in the first half of 2026 and entry into force anticipated in 2027. It adds clearer standards for API performance, removes obstacles to open banking access, and introduces a mandatory IBAN-name check to combat fraud.
FiDA (Financial Data Access) — Proposed alongside PSD3 but on a slower track, extending open-finance-style access beyond payments to savings, insurance, pensions, and investments. As of April 2026 it remains in trilogue; even a best-case political agreement this year points to applicability around 2029.
Instant Payments Regulation — Pushes EU banks toward real-time, always-on payments with mandatory payee verification to combat fraud, running on a faster timeline than FiDA.
02United Kingdom
The UK's Open Banking Implementation Entity standards were the first mover globally, predating PSD2's technical rollout and still referenced as the model other regions adapted.
03United States
FDX (Financial Data Exchange) — The dominant technical API standard in the US market, used regardless of the regulatory rule's enforcement status.
Section 1033 — The CFPB's Personal Financial Data Rights rule was finalized in October 2024 but is currently enjoined by a Kentucky federal court; the appeal is stayed while the CFPB rewrites the rule, including reconsidering whether banks can charge fees for data access.
04The scale of it all
Despite the regulatory patchwork, adoption is accelerating: global open banking API call volumes are projected to grow from 137 billion in 2025 to 720 billion by 2029 — a 427% increase — as both regulated and voluntary data-sharing arrangements expand.
05Sources
OpenBankingTracker: Open Banking Regulations 2026, Spark: Open Banking in 2026, Consumer Finance Monitor: Open Banking Regulation in 2026.
Frequently asked questions
The EU, by a wide margin — PSD2 has been law since 2018 and PSD3 is in the final legislative stages, while the US's Section 1033 rule is currently enjoined by a federal court and being rewritten.
PSD3 updates and tightens the existing payments-focused open banking framework (clearer API performance standards, mandatory IBAN-name checks), while FiDA extends open finance access well beyond payments into savings, insurance, pensions, and investments.