[Video interview] Open Banking in North America: an exclusive conversation with Altitude Consulting

Reuben Piryatinsky shares insights on Open Banking progress in North America, key regulatory and technical challenges, the impact of the Personal Financial Data Rights rule, and what banks must prioritise to stay ahead.

The CEO of Altitude Consulting opens the conversation by tracing North America’s 25-year Open Banking journey – from early screen scraping in the 2000s to today’s API-driven ecosystem – highlighting key milestones such as the creation of the Financial Data Exchange (FDX) and the CFPB’s introduction of the Personal Financial Data Rights rule (Section 1033 of the Dodd-Frank Act).

Reuben details the top technical challenges banks face today, including legacy infrastructure limitations, complex cloud migration strategies, and the operational burden of third-party risk management in an open ecosystem.

Beyond compliance, he points to emerging business models where banks and fintechs are monetising data and delivering personalised services. From Citizens Bank’s premium APIs for commercial clients to neobanks offering real-time credit tools, financial institutions are leveraging Open Banking to differentiate and deepen engagement.

On the consumer side, adoption continues to accelerate. Over 114 million consumer accounts are connected to fintech apps via FDX, with over 80% of US consumers – and over 90% of younger users – engaging in Open Banking.

Reuben also unpacks the impact of the finalised Personal Financial Data Rights rule in late 2024, acknowledging both its push for industry readiness and the uncertainty introduced by pending litigation. Despite regulatory flux, he maintains that market forces will continue driving adoption, fuelled by strong consumer demand for transparency, personalisation, and control.

Looking ahead, Reuben advises banks to prioritise data accessibility, API maturity, and consumer experience to stay competitive in an increasingly open and digital financial landscape.

About the interviewee

Reuben Piryatinsky is the CEO of Altitude Consulting. Throughout his two decades in financial services, Reuben has built a track record of growing businesses, advising the C-suite at major financial institutions, leading teams to launch best-in-class products, and driving organisational change. The products he launched are used by over 3 million people worldwide. Reuben is an active member of FDX, an author and an international speaker.