Open banking was born in the EU, flourished in the UK, and is now spreading around the globe – including the US. Since this is fintech it is, and will continue to be, highly targeted by criminal actors.
There are two fundamental government approaches to this market: regulation or market forces. Europe has a penchant for regulation while the US tends to let the market shape its own areas.
Europe started the ball rolling with the PSD2 (Payment Services Directive) legislation of 2018. It was originally aimed at securing payment services, but activated a new breed of innovative financial service apps.