Open banking is undoubtedly the 'new black ' for the financial sector today, i.e. one of the most discussed and most promising areas for financial technology development.
In the European Union, Open banking was established in 2018 with the Second Payment Services Directive (PSD2), whose adoption could be compared to a tectonic shock. This Directive has demanded that the classic banks would share customers’ account information with the licensed third-party service providers. The Directive set out the requirements regarding the use of the customers’ consents, the ensuring of security of the services provided, and the regulation of the relationship between third-party service providers and the payment service providers processing the payers' accounts.