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 (OFF), together with PSD3, PSR and Digital Euro.
FIDA (Financial Data Access) now goes one step further than Open Banking (PSD2) and introduces “Open Finance / Open Insurance” by expanding the scope of data that customers allow for sharing and opening the door to new types of services and business models in the financial industry.
The EU framework for access to financial data is a set of rules and regulations introduced in the European Union to ensure that people and businesses can easily access important financial information. The aim is to create transparency and facilitate access to financial data so that consumers and businesses can make informed decisions.
The framework specifies how financial data may be collected, stored and shared to ensure it remains secure and confidential. It also includes rules that ensure that financial data can be used for various purposes, such as providing better advice, analyzing trends, etc.
In addition, the EU framework on FiDA (Financial Data Access Regulation) contains the rules on data protection and data security to ensure that financial data is adequately protected and not misused. It also sets out how consumers and businesses can access their own financial data and what rights they have in relation to that data.
Overall, the EU framework for access to financial data aims to ensure that access to financial information is fair, transparent and secure in order to strengthen public trust in the financial system and promote economic growth.
