Top 10 Companies in the Latin America PSD2 and Open Banking Market (2026): Market Leaders Powering Regional Innovation

MARKET INSIGHTS

Global Latin America PSD2 and Open Banking market size was valued at USD 685 million in 2025 and is projected to reach USD 1.11 billion by 2032, exhibiting a CAGR of 10.4% during the forecast period.

PSD2 and Open Banking refer to regulatory frameworks and technological paradigms that mandate financial institutions to securely share customer data with third‑party providers (TPPs) through Application Programming Interfaces (APIs). This enables the development of new financial services, such as Account Information Services (AIS) that aggregate data from multiple banks and Payment Initiation Services (PIS) that allow payments to be made directly from a user’s bank account without a card. The core principles include enhanced consumer data rights, increased competition, and the promotion of innovation in the financial services sector.

The market is experiencing rapid growth due to several factors, including proactive regulatory mandates from central banks, a rapidly expanding fintech sector, and increasing consumer demand for personalized and integrated digital financial services. Additionally, the growing need for financial inclusion across the region is contributing to market expansion. Initiatives by the key players in the market are also expected to fuel the market growth. For instance, the phased implementation by the Central Bank of Brazil has created a mature ecosystem where institutions like Itaú Unibanco and Nubank are actively developing API‑driven solutions. Banco Santander, BBVA, and Banco Bradesco are some of the other key players that operate in the market with a wide range of open banking services.

Latin America PSD2 and Open Banking Market – View in Detailed Research Report

The rapid adoption of open banking APIs has already led to more than 2 billion API calls per month in Brazil in early 2024, a clear indicator of the ecosystem’s growth and the increasing demand for frictionless digital payment experiences.

Top 10 Companies in the Latin America PSD2 and Open Banking Market (2026)

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🔟 1. Nubank

Headquarters: São Paulo, Brazil
Key Offering: Digital banking platform, PIS, AIS, open API ecosystem

Nubank has become the most valuable fintech in Latin America, leveraging its massive customer base and digital‑native architecture to deploy innovative services enabled by Brazil’s mandatory Open Banking framework. Its API platform powers a range of third‑party services, from budgeting tools to instant payments.

Sustainability & Growth Initiatives:

• Investing in green data centers and low‑carbon infrastructure
• Expanding digital credit to underserved segments
• Strategic partnerships with fintechs to accelerate open‑finance adoption

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9️⃣ 2. Itaú Unibanco

Headquarters: São Paulo, Brazil
Key Offering: Banking services, PIS, AIS, API gateway

Itaú Unibanco has made significant investments in API infrastructure and security standards, positioning itself as a leader in Brazil’s open banking ecosystem. The bank’s open API strategy focuses on seamless payment initiation and data aggregation for fintech partners.

Sustainability & Growth Initiatives:

• Adoption of ISO 27001 and SOC 2 for API security
• Carbon‑neutral digital banking solutions
• Collaborations with fintechs for embedded finance

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8️⃣ 3. Banco Bradesco

Headquarters: Osasco, Brazil
Key Offering: Comprehensive banking, PIS, AIS, open API platform

Banco Bradesco’s open banking strategy emphasizes secure data sharing and integration with third‑party providers. Its API ecosystem supports a broad range of fintech services, including payments, lending, and personal finance management.

Sustainability & Growth Initiatives:

• ISO 27001 certification for API security
• Digital‑first banking services to reduce paper usage
• Partnerships with fintechs for credit scoring models

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7️⃣ 4. BBVA

Headquarters: Mexico City, Mexico
Key Offering: Banking, PIS, AIS, open API solutions

BBVA has been at the forefront of Mexico’s Fintech Law implementation, offering a robust open API platform that supports payment initiation and account aggregation services for fintech partners.

Sustainability & Growth Initiatives:

• Investment in secure API gateways
• Digital transformation to reduce physical branch footprint
• Collaboration with fintechs for alternative credit models

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6️⃣ 5. Banco Santander

Headquarters: Mexico City, Mexico
Key Offering: Banking, PIS, AIS, open API ecosystem

Banco Santander’s open banking strategy focuses on creating a secure and interoperable API environment that facilitates seamless payment initiation and data aggregation for third‑party providers.

Sustainability & Growth Initiatives:

• ISO 27001 certification for API security
• Digital banking services to reduce carbon footprint
• Partnerships with fintechs for embedded finance solutions

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5️⃣ 6. Banregio

Headquarters: Mexico City, Mexico
Key Offering: Banking, PIS, AIS, open API platform

Banregio has leveraged the Fintech Law to build a flexible API framework that supports payment initiation and account aggregation for fintech partners, enhancing its service offering for SMEs and consumers.

Sustainability & Growth Initiatives:

• Secure API infrastructure with SOC 2 compliance
• Digital‑first banking to reduce paper usage
• Collaboration with fintechs for credit scoring

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4️⃣ 7. Banco de Crédito del Perú

Headquarters: Lima, Peru
Key Offering: Banking, PIS, AIS, open API solutions

Banco de Crédito del Perú’s open banking strategy focuses on secure data sharing and integration with fintech partners, enabling new payment and credit products for its customers.

Sustainability & Growth Initiatives:

• ISO 27001 certification for API security
• Digital banking services to reduce environmental impact
• Partnerships with fintechs for alternative credit models

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3️⃣ 8. Scotiabank

Headquarters: Santiago, Chile
Key Offering: Banking, PIS, AIS, open API platform

Scotiabank has adopted open banking standards across Chile and Peru, enabling secure data sharing and payment initiation for fintech partners and enhancing customer experience.

Sustainability & Growth Initiatives:

• ISO 27001 and SOC 2 compliance for API security
• Digital‑first banking to reduce paper usage
• Collaborations with fintechs for embedded finance

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2️⃣ 9. Banco del Estado de Chile

Headquarters: Santiago, Chile
Key Offering: Public banking, PIS, AIS, open API solutions

Banco del Estado de Chile’s open banking strategy focuses on secure data sharing and integration with fintech partners, supporting new payment and credit products for its public banking customers.

Sustainability & Growth Initiatives:

• ISO 27001 certification for API security
• Digital banking services to reduce environmental impact
• Partnerships with fintechs for alternative credit models

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1️⃣ 10. Banco Original

Headquarters: São Paulo, Brazil
Key Offering: Digital banking, PIS, AIS, open API ecosystem

Banco Original has embraced Brazil’s open banking framework to offer a range of digital financial services, including payment initiation and account aggregation, while maintaining strong security standards.

Sustainability & Growth Initiatives:

• ISO 27001 and SOC 2 compliance for API security
• Green digital banking solutions
• Collaborations with fintechs to expand credit offerings

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🌍 Outlook: The Future of Latin America PSD2 and Open Banking

The Latin America PSD2 and Open Banking market is poised for accelerated growth, driven by continued regulatory momentum, fintech innovation, and a growing focus on financial inclusion. As the ecosystem matures, we anticipate a shift from basic compliance to value‑creation, with open APIs enabling embedded finance, hyper‑personalized products, and cross‑border payments.

📈 Key Trends Shaping the Market:

• Expansion into Open Finance – secure data sharing beyond banking to investments, insurance, and pensions.
• Enhanced Security & Standardization – adoption of ISO 27001, SOC 2, and common API standards to build trust.
• Hyper‑Personalization & Embedded Finance – leveraging data for tailored credit and payment solutions.
• Financial Inclusion – alternative credit scoring models and low‑cost digital payments for the unbanked.
• Cross‑Border Payments – real‑time, low‑cost transactions across Latin America via open APIs.