What is FiDA (Financial Data Access Regulation)?

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!

FiDA (Financial Data Access Regulation)

What is 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.

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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