All but one of 100 payments executives at large international banks said their bank planned to make major investments in Open Banking initiatives by 2020, according to the results of a global study by Accenture. The survey found that nearly two-thirds of banks in North America believe that implementing Open Banking is critical to competing with new entrants, compared to half of executives surveyed in Europe and two-fifths in Asia Pacific. New European laws will force global banks such as Goldman Sachs, Citigroup, Wells Fargo and Morgan Stanley to replace long-serving audit firms, the Financial Times reports. Under the changes, the European arms of these global banks are required to remove audit firms that have been scanning their accounts for more than twenty years. The FT said the reforms put audit contracts worth hundreds of millions of dollars up for grabs.