Open finance 2600-FCz1OFen
The course provides an in-depth exploration of open banking and its evolution towards open finance, analysing its regulatory foundations, market dynamics and technological enablers. It begins with the origins of open banking, focusing on the history and current status quo of PSD2 as the legal foundation in the EU, its key shortcomings, and a comparison between the EU and UK approaches. Students assess whether open banking has effectively addressed the right problems from the perspective of consumers, payment service providers and financial institutions, particularly in terms of competition, innovation and market entry.
The course examines practical use cases that have emerged under open banking, including account information services and open banking payments (so called PIS, Payment Initiation Service). It places these developments within the broader European Retail Payments Framework and discusses the role of the European Payments Council, including the SPAA scheme and the vision of SEPA 3.0, as examples of going beyond regulation towards industry-led solutions.
A key part of the course is devoted to the transition from open banking to open finance, including the discussion of the Open Finance Manifesto. Students analyse the necessary conditions for an effective open finance ecosystem, including mindset shifts, technological readiness, scope and access to data (including SPAA-type frameworks), and the removal of barriers such as IBAN discrimination. The relationship between open finance and digital finance is critically assessed, alongside the distinction between open data approaches and emerging agentic AI models.
The course adopts a comparative perspective, covering the EU and UK journeys as well as global approaches, contrasting regulation-led and industry-led models observed in jurisdictions such as the US, Australia and others. Looking to the future, students explore upcoming EU initiatives, including the new Payment Services Regulation (PSR), and broader global trends shaping the next phase of open finance.
Course coordinators
Type of course
Mode
Learning outcomes
Student on completion of the course:
In terms of knowledge:
• Knows and understands in depth the legal regulations concerning the functioning of organisations and the economy as a whole, in particular in the field of open finance. (K_W04)
In terms of skills:
• Is able to independently and in teams prepare analyses, diagnoses and reports on complex and non-standard problems related to digital finance in organisations, present them clearly to diverse audiences, and conduct debates in English, using advanced information and communication tools. (K_U06)
• Is able to use a foreign language at the B2+ level of the Common European Framework of Reference for Languages and specialised terminology in the field of economics and finance, in particular for the purposes of managing open finance. (K_U07)
• Is able to develop the ability to self-educate, to enhance acquired qualifications and to support others in this area. (K_U09)
In terms of social competence:
• Is ready to evaluate and take a critical approach to complex situations and phenomena related to open finance in an organisation. (K_K01)
• Is ready to initiate activities that benefit the community, society, or the environment, as well as undertake actions in the interest of the common good.(K_K03)
• Is ready to think and act in an entrepreneurial manner in both national and global contexts. (K_K04)
Assessment criteria
Interactive lecture, attendance, assessment in class (tasks and exercises, minutes, participation in discussions)
Bibliography
Górka, J. (2025). Finanse cyfrowe: tesserakt. Wydawnictwa Uniwersytetu Warszawskiego. https://doi.org/10.7172/978-83-235-7086-8.swwz.32
De Pascalis, F., & Brener, A. (2024). Open banking: Global development and regulation. Routledge
European Payments Council. (2023). SEPA payment account access (SPAA) scheme rulebook (EPC012-22, Version 1.1). https://www.europeanpaymentscouncil.eu
European Third Party Providers Association, ETPPA. (2024). Open Finance Manifesto. https://www.etppa.org/openfinancemanifesto
The Paypers. (2025). Open Finance Report 2025. The Paypers. https://thepaypers.com/fintech/reports/open-finance-report-2025
Cambridge Centre for Alternative Finance. (2024). The global state of open banking and open finance report. Cambridge Judge Business School, University of Cambridge. https://www.jbs.cam.ac.uk/wp-content/uploads/2024/11/2024-ccaf-the-global-state-of-open-banking-and-open-finance.pdf