Open Banking in Greece: A Comprehensive Guide for 2025

Greece has steadily adopted digital banking, expanding within the fintech market since the EU’s PSD2 regulations were implemented in 2018. Its economy is maturing, driven by neo-banking, data services, and fast-growing e-commerce. However, open banking in retail payments is still in its early stages of development. Now is the strategic moment for merchants and fintechs to connect to Greek banks via open banking platforms like Noda and gain a first-mover advantage.

What Is Open Banking?

Open banking is a modern, secure, and efficient way for individuals and businesses to manage their finances, access financial services, and make direct payments without relying on traditional card networks or incurring unnecessary costs. At its core, open banking enables individuals to grant consent for their banking data to be shared and payments to be initiated through secure Application Programming Interfaces (APIs), typically provided by licensed banks and regulated third-party providers under the PSD2 directive.

These APIs form the backbone of two main services. The first is Account Information Services (AIS), which provides real-time access to account balances and transaction histories. This is incredibly useful for building budgeting tools, performing KYC checks, enabling credit scoring, and delivering personalised financial insights. The second is Payment Initiation Services (PIS), which enables users to make direct bank-to-bank payments, eliminating intermediaries, reducing settlement times, and lowering transaction fees.

For online merchants and fintech companies, platforms like Noda take open banking a step further. With customer consent, they can securely access and interpret banking information to better understand their spending habits, assess creditworthiness, and tailor services to individual needs. This not only helps businesses offer more personalised experiences but also gives consumers a smoother, faster, and more intuitive way to pay, whether it’s through instant transfers, flexible financing, or simplified checkouts.

Ultimately, open banking is transforming the way we pay, save, and manage our finances. It brings together strong security, user control, and financial innovation in a single, API-driven ecosystem that benefits everyone involved.

How Does Open Banking Work in Greece?

Greece enacted PSD2 in 2018, adopting the Berlin Group’s NextGen PSD2 APIs and launching developer portals with sandbox access and SCA flows through the Bank of Greece.

Banks such as the National Bank of Greece (NBG), Piraeus Bank, Alpha, and Eurobank now offer AIS, PIS, fund confirmation, and real-time account information via APIs.

Fintechs have been encouraged through regulatory sandboxes (since 2020) and significant EU-backed investment, funnelled through EquiFund, which supports over 90 Greek fintechs. This high-tech infrastructure sets the stage—but commercial adoption remains early as the ecosystem matures.

Greece Open Banking Overview

The Greek open banking landscape is poised for significant growth, supported by regulatory and market momentum. Greece is preparing for alignment with upcoming EU-wide frameworks, such as PSD3 and the Digital Operational Resilience Act (DORA), which are expected to roll out between 2026 and 2028. This regulatory shift will expand the scope of data sharing and strengthen the infrastructure supporting financial services. In parallel, Greece’s progress toward digital wallet interoperability and the adoption of EU digital IDs will help unlock richer, consent-based data flows and streamline the user experience.

Merchant demand is also rising steadily. As e-commerce continues to evolve, businesses are embracing features such as pay-by-bank, buy now, pay later, and subscription-based models – use cases where open banking rails and variable recurring payments (VRPs) can deliver significant benefits in terms of cost savings and customer retention. Fintech innovation is fueling this shift: local startups are gaining traction, backed by investments such as Viva Wallet’s €75 million Series C round and support from EquiFund, which helps ensure that Greece’s financial ecosystem remains dynamic and competitive.

Open Banking Adoption in Greece

Greece is progressing toward open banking, but adoption has been cautious thus far. The strong digital fintech infrastructure, regulatory sandboxes, and consumer demand for intelligent financial offerings are driving digital innovation; yet, merchant-grade checkout integrations remain rare. A significant share (~45%) of Greeks are open to smart financial tools, and around 29% want convenient payment options built around their banking data. With leading institutions like NBG pushing fully digital and migration toward neo-banking, the ecosystem is ready to support more robust open banking rollouts.

Open Banking Providers in Greece

Several categories offer different approaches:

• Native banks: The National Bank of Greece provides robust AIS/PIS/confirmation APIs through its Open Bank project-based developer portal.
• Local fintechs, such as Natech, are leveraging partnerships (e.g., Piraeus Bank, cooperative banks), as well as Finclude with Natech, and neo-banks like Viva Wallet, to push account linking and smarter financial services.
• Pan-European platforms: Providers like Worldline, TrueLayer, Tink, and others offer bank data and payments across 21+ EU countries, including Greece.
• Noda: Our platform connects all major Greek banks and over 2,000 European banks via a single, secure API, delivering payment initiation, account data retrieval, real-time verifications, payouts, SCA-ready integration, and webhook status updates.

Future of Open Banking in Greece

The Greek open banking landscape is poised for significant growth, with several key developments setting the stage for substantial growth. Greece is aligning with upcoming EU frameworks, such as PSD3 and DORA, which will pave the way for broader open finance adoption and enhanced operational resilience between 2026 and 2028.

Open Banking in Greece – Final Thoughts

Greece is on the brink of a digital turning point. While merchant-grade adoption of open banking remains limited, fintech investment and consumer tech savvy are growing. Now is the perfect time to get ahead of the big turn in the world of open finance in Greece and integrate. Noda is ready to help local businesses and fintech players offer smarter, more efficient payments and data services and lead Greece’s next wave of open banking innovation.

Why choose Noda for Greece?

1. Full Greek bank coverage

Connect to four major banks in Greece (Revolut, Alpha Bank, Eurobank, National Bank of Greece) and enable certified PSD2 account-based payments and data services.

2. Instant SEPA-powered settlement

Leverage Greece’s IRIS instant payment system to ensure merchant funds are deposited into accounts in seconds.

3. Extremely low cost

Keep margins high with transaction costs starting around 0.1%, giving Maltese merchants a competitive pricing edge

4. Unified European access

One API connects to 2,000+ banks across Europe, enabling Greek businesses to easily expand and offer seamless cross-border checkout options.

5. Plug‑and‑play e‑commerce support

Get started quickly with Noda; ready-made modules work seamlessly with WooCommerce, Magento, OpenCart, and Shopify. Opt for a custom solution with our flexible REST API.

6. Multi‑rail payment flexibility

Blend open banking with card payments, Apple Pay, Google Pay, all through one streamlined integration.

7. Onboarding & direct manager support

Access personal assistance, compliance guidance, and integration help from our local team so you’re not navigating PSD2 alone.

Contact Noda for a no-obligation demo. Our open banking experts will be happy to look into your unique business case.