Regulation as the foundation. Infrastructure as the enabler.

PSD3, FIDA, and DUAA are all in motion. The stated ambition - open finance at scale, across borders, consumers and business in control - is genuinely shared. The distance between that ambition and today’s reality is where the panel began.

Compliance in open finance determines who can operate and grow. But regulators are, by design, vertical - they own their sector. Open finance moves horizontally. The gaps between the vertical silos, and beyond the regulated perimeter is where risk accumulates undetected.

If regulation provides the foundation, the market has to build on it. The panel’s third act focused on what genuine competitive advantage from compliance looks like - and on the thesis that the most important problems in open finance are infrastructure problems, not regulatory problems.

Eight questions every Head of Open Finance, Chief Risk Officer and Compliance Lead must be able to answer.