The global banking sector is undergoing significant changes with the increasing demand for open banking systems, driven by consumer and government mandates. Different countries are approaching open banking in varying ways, with some using a market-driven approach and others taking a more prescriptive regulatory framework. The US, Canada, and Singapore focus on promoting data sharing frameworks without formal regimes, whereas the EU, UK, Mexico, and Australia have introduced prescriptive regulations to govern open banking. Despite challenges, such as licensing issues and limited data field availability under PSD2 in the EU, demand for open banking is growing globally. As regulators explore ways to enforce consumer data rights and industry groups push for standardization, the future of open banking remains uncertain, but it will likely continue to drive innovation in the global payments industry.