Select Page

Open Banking in Germany and Austria

Germany and Austria on the path to a digital financial market: The common EU financial market regulations create a unified foundation – with PSD2 as the catalyst for the move towards an Open Banking future.

The benefits of implementation with Qwist:

  • Secure, compliant access to financial data
  • Automated analysis & categorisation of account data
  • Smart use of data for offers and risk analyses
  • Simple & fast integration of third-party providers
Read Global Open Banking Insights now

Country-specific features and challenges

Market profiles and development potential

Germany and Austria have established similar Open Banking conditions through the PSD2 directive and the use of the Berlin Group Standard (NextGenPSD2). Both markets are highly digitalised and focus on multibanking, instant payments, and personalised financial services.

Germany has demonstrated particularly dynamic growth since 2020 (market volume 2023: €1.7 billion; forecast 2030: $9 billion) with an emphasis on real-time payments, interoperability, and data security.

The Austrian market is also steadily growing, supported by regulatory sandboxes from the FMA (Financial Market Authority Austria). Although smaller, the market is innovation-friendly, with a special focus on B2B payment reconciliation, P2P transfers and digital wallets. However, standardisation and authentication models remain challenging.

Two men's hands writing with pencil on a paper, using two laptops

About Qwist

We are a leading technology and solution provider for Open Finance

Learn more about Qwist

3.000

connected financial institutions

11

representations in European countries

#1

Open Banking provider in the DACH region

BaFin

Certified

Qwist products

for Germany and Austria

dgtal SwitchKit Suite

  • Secure, risk-free transfer of accounts and portfolios
  • Digital alternative to manual, error-prone processes
  • Makes account switching easier for customers
  • Simplifies onboarding for banks
Discover Use Case: Account & Portfolio SwitchKit

ndgit Open Banking Suite

  • Provides solutions for Open Finance, API consent management, and security
  • Developed for banks, financial institutions and insurance companies
Discover solutions for banks
Discover solutions for insurance companies

nrich Financial Data Suite

  • Utilises both raw and categorised financial data for verification, risk assessment, and data enrichment
  • Supports commercial use cases such as upselling
  • Suitable for merchants, PropTechs, insurers, and credit brokers
Discover Use Case: Risk Based Decisioning
Discover solution for retail

mbed Digital Lending Suite

(only in Germany)

  • Solution for online retailers to finance medium to large purchases
  • Enables credit provision by commercial banks to end customers
Discover our Financing Platform

Outlook: Open Finance in Germany and Austria

Problems and perspectives

How well is Germany prepared for Open Finance?

Germany is solidly regulated but lagging technologically and strategically:

Strengths:

Clear legal framework set by the PSD2 directive, a reliable banking infrastructure, and a vibrant fintech scene driving innovation in finance.

Weaknesses:

Despite regulatory clarity, Open Finance implementation proceeds slowly. Many banks are hesitant, and existing APIs are inconsistent and often technically immature. User adoption remains low, further hindering progress.

Opportunities:

The upcoming PSD3 directive and the European Financial Data Space create new momentum for an open, data-driven financial system. At the same time, innovative fintechs and technology-driven BigTech firms are increasing competitive pressure, accelerating market transformation.

Laptop with statistics on the screen. Two hands typing on the keyboard and editing the statistics.
A glass with coins inside. In the middle grows a plant symbolising the opportunities offered by open banking.
A hand holds a purse with two debit/credit cards in it.

How well is Austria prepared for Open Finance?

Austria is regulated similarly to Germany but is more cautious in implementation:

Strengths:

Austria has a solid EU legal framework (PSD2) and a well-connected banking system. Early fintechs and Open Banking initiatives show movement in the market.

Weaknesses:

Market activity remains low, with many banks acting cautiously. A lack of API standardisation further hampers technical implementation.

Opportunities:

PSD3 and the EUDI Wallet offer new impetus for open data exchange. Especially in the SME and payments sectors, untapped potential exists.

Laptop with statistics on the screen. Two hands typing on the keyboard and editing the statistics.
A glass with coins inside. In the middle grows a plant symbolising the opportunities offered by open banking.
A hand holds a purse with two debit/credit cards in it.

Open Banking worldwide 2025 – global insights

We have analysed the global state of Open Banking development and summarised the findings, with the support of numerous experts, in a report of over 50 pages.

Discover more about:

  • The state of Open Banking development across all continents and leading countries
  • A maturity index for all analysed countries
  • Regional challenges, opportunities and the most common use cases
  • The global integration of banking ecosystems since 2019