BiPRO is FiDA-Ready!
FiDA (Financial Data Access Regulation)On 28 June 2023, the European Commission (EC) published its proposal for a new regulation on a Framework for Access to Financial Data (FIDA) / Financial Data Access Regulation, also commonly referred to as Open Finance Framework...
Customer‘Customer’ means a natural or legal person residing in the Union who uses financial products and servicesData holder“Data Holder” means a financial institution that collects, stores or otherwise processes Customer Data relating to a Customer as part of the...
Introduction / Financial Institutions Financial institutions play an important role in the financial system by providing a variety of financial services, including deposit and lending, securities trading, investment advice, insurance and payment processing. By...
FiDA goals Consumer protection Tailor-made financial products and services (including improved advice/inventory) digital access in real time Security & Privacy standardization Harmonized legal framework Digital Transformation Promoting digital transformation...
Customer data in the sense of FiDACustomer Data - personal and non-personal data collected, stored and otherwise processed by a financial institution in the normal course of its business with customers, including both data submitted by customers and data generated as...
FiDA schematic diagramCUSTOMER: Natural or legal person DATA HOLDER: Financial institution required to grant access to customer data under this Regulation. DATA USER is an entity (financial institution or financial information service provider (FISP)) that has lawful...
Open data The concept in general and the EU strategy "Open Data" is based on the fact that data sets from a wide range of industries are made available to authorized third parties for use and further use in a machine-readable, standardized form.Open Finance Open...
FiDA obligationsFiDA obligations include, among others, the mandatory regulations for organizing data access:1) Art. 4: Obligation to make available data to the customer Upon request from a customer submitted by electronic means, the data holder shall make customer...
FiDA-System / FiDA-SchemeWithin 18 months of the entry into force of the Regulation, data holders and data users must become members of one or more "Financial Data Access Schemes" that regulate access to customer data. Any access to data must be carried out in...
Roadmap of FiDAThe ECON Committee of the EU Parliament approved the FIDA draft on 18 April. The press release of the ECON Committee announces that the decision in the plenary session of the EU Parliament will only be decided by the new Parliament after the election....
At BiPRO the focus is on process optimization, standardization and community. The BiPRO-Standards are industry-wide recognized market standandards 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 establishing standards.
The BiPRO data model and the specifications of the interfaces already largely cover requirements of FIDA with regard to end customer processes and customer data. The industry-wide implementation of data transfer is well advanced for most members.
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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.
