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Archive » December 2023 » Digital Finance: Eu policy and a glance at access to financial data

Digital Finance: Eu policy and a glance at access to financial data

Alexandra Maniati, Liga Semane
December 2023 - n. 12
Keywords: Digital finance, Eu policy
Jel codes: M15, G32

With the Fida proposal (Financial Data Access Framework) the European Commission is moving to the next stage of data sharing - from Open Banking to Open Finance. This is a big transition that needs careful consideration. Fida must provide legal certainty as well as opportunities for data holders, data users, and customers when sharing data, while addressing the risks and maintaining customer trust. The European Banking Federation suggests that Fida sets a precise scope, supported by clear definitions; ensures a gradual market-based implementation of data-sharing schemes; clearly defines Financial Information Services and strengthens Fisp requirements; builds on the lessons learned from Psd2, specifies the interplay with relevant regulation, and works towards real cross-sectoral data sharing.

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