There are different regulatory frameworks for open banking around the world, but most start with the fundamental principle that consumers have a right to access their bank accounts and financial data via accredited third party providers (and banks must facilitate this access). Most frameworks also include a regulatory or overseeing body who grants third party providers the permission to deliver open banking services.  In Europe, under the Revised Payment Services Directive (PSD2) , payment service providers must allow their customers to securely share their data with third parties.  In each member state there is a national competent authority which oversees PSD2 and gives providers permissions to use open banking. For example: The Autorité de contrôle prudentiel et de résolution (ACPR) in France The Federal Financial Supervisory Authority (BaFin) in Germany Banco D’Italia in Italy There is also an overarching regulator for banking (including PSD2) in Europe, which is the European Banking Authority (EBA). In the UK, the Payment Services Regulations (PSRs) are the UK equivalent of PSD2 and create the legal and regulatory framework for open banking. Open banking is regulated in the UK by the Financial Conduct Authority (FCA). Only companies that are authorised by the FCA can use open banking to access financial information from consenting customers.