The Role of Consumer Consent in Open Banking

Open banking schemes provide consumers with more choice and new financial products and services through the use of technology, particularly application programing interfaces (APIs). This report focuses on the issue of consumer consent in open banking, highlighting the jurisprudence in both the European Union, which serves as a model for many countries globally, and a select group of countries: Australia, Brazil, India, Mexico, and Rwanda. The main objective of this paper is to provide guidance on how to implement consumer consent protocols to access bank account data under open banking scenarios.