Who is FiDA affected?

BiPRO e.V. (Industry Institute for Process Optimization) is a standardization body in the insurance industry that aims to simplify and standardize communication and data exchange between insurance companies and other financial industry players. BiPRO plays a crucial role in Open Finance / Open Insurance (including FiDA), as it serves as a common framework for interoperability between different systems and platforms.

BiPRO is FiDA-Ready!

Shape the Future now!

Table of contents

Customer

Who is FiDA affected?

‘Customer’ means a natural or legal person residing in the Union who uses financial products and services

Data holder

What is Financial Data Access Regulation

“Data Holder” means a financial institution that collects, stores or otherwise processes Customer Data relating to a Customer as part of the financial institution’s direct relationship with that Customer

* Intermediaries only become data owners if they reach a certain size (250 employees and 50 million turnover)

Data user

What is Financial Data Access Regulation

“Data users” are financial institutions and financial information service providers within the meaning of FIDA, who receive lawful access to customer data after the customer’s consent

Financial institutions

What is Financial Data Access Regulation

“Financial institutions” within the meaning of FIDA, which are either data holders or data users or both

Insurance specific

  • Insurance and reinsurance companies
  • insurance intermediaries and ancillary insurance intermediaries
  • institutions for occupational retirement provision;

Non-insurance specific

credit institutions, payment institutions, electronic money institutions, investment firms, crypto-asset service providers, issuers of asset-referenced tokens, managers of alternative investment funds, management companies of undertakings for collective investment in transferable securities, credit rating agencies, crowdfunding service providers, PEPP providers

 

Financial information service providers

What is Financial Data Access Regulation

“Financial Information Service Provider” (FISP) means a data user who is authorized to access customer data for the purpose of providing financial information services in accordance with FiDA

  • not financial institution

FiDA

BiPRO is FIDA-Ready!

BiPRO focuses on process optimization, standardization and community. The BiPRO standards have created an industry-wide, generally recognized market standard that enables sustainable digitalization of the insurance industry.

Thanks to the large BiPRO community, Germany is becoming a pioneer of digital insurance communication in the EU, while other countries and initiatives essentially have to start from scratch when it comes to standardization.

The BiPRO data model and the specifications of the interfaces already largely cover the requirements of FiDA, including with regard to end customer processes and customer data. The industry-wide implementation of data transmission is well advanced for most members.

Member companies

K. Interfaces

M. transactions p.a.

Years of work

The BiPRO community consists of more than 300 member companies.

Together, the essential processes of the insurance industry were standardized.

BiPRO community drives digitalization of the industry.

The association has been supporting its community with know-how for almost 20 years.

Shape the future now

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Open Insurance Working Group

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*Data protection
By registering, you expressly consent to the data collected being stored and processed by us. The data storage/processing takes place exclusively for the purpose of conducting the above-mentioned event. The storage and processing of any previous data collected in another context is not affected by this. The legal basis for the storage and processing of the data collected with the registration is Art. 6 Paragraph 1 Clause 1 Letters a), b), f) GDPR. Please also note the additional information on data protection.

*Legal notice
I agree that the name of my company may be mentioned as a permanent participant in the Open Insurance working group of BiPRO e.V. If you do not agree to this, please send a short message to fida@bipro.net.