What are FiDA obligations for financial institutions?

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.

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Table of contents

FiDA obligations

What is Financial Data Access Regulation

FiDA 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 data available to the customer promptly and free of charge via an online or mobile customer interface in an easily readable format and, where relevant and technically feasible, continuously and in real time.

FiDA obligations

2) Art. 5: Obligations on a data holder to make customer data available to a data user

The Data Holder shall, upon an explicit electronically submitted request from a Customer, make the Customer Data available to a Data User acting on behalf of the Customer only for the purposes related to the specific service for which the Customer has expressly consented to the use of his/her data. The customer data will be made available to the data user promptly and, where relevant and technically feasible, continuously and in real time.

FiDA obligations data holder

3) Art. 8: Dashboards of access permissions to financial data

A Data Holder provides the Customer with an easily accessible permissions dashboard to monitor and manage the permissions a Customer has granted to Data Users.

FiDA Obligations Permission Dashboard

4) Articles 9 and 10: System for the acccess to financial data (so-called FIDA system or FiDA scheme)

All affected data holders and data users must join at least one FiDA system/FiDA scheme that regulates access to customer data within 18 months of the regulation coming into force.

Any access to data must be carried out in accordance with the rules and modalities of a FIDA Scheme to which both the data user and the data holder belong.

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.

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