The European Commission is reviewing the Revised Payment Services Directive (PSD2) to assess its impact and gather evidence on its effectiveness in promoting open banking. The current PSD2 system faces four major challenges, including poor quality APIs, strong customer authentication issues, ongoing burdens on third-party providers (TPPs), and inconsistent adoption across the single market. To address these challenges, Plaid suggests that the Commission adopt five solutions to optimise user experience, create more flexible authentication methods, remove burdens on TPPs, descope Account Information Services from Anti-Money Laundering procedures, and enforce compliance with PSD2 and regulatory technical standards. The review presents an opportunity for the European Union to continue leading in tech-enabled innovations and broaden the scope of open banking to open finance, enabling consumers to better understand their financial lives, creating new financial services and products, lowering costs, and fostering more competition in the market.