EBF POSITION

EBF position on the European Commission’s proposal for a Framework for Financial Data Access (FIDA)

BRUSSELS, 11 December 2023 – The EBF recognizes efforts by the European Commission to develop a strong European data economy through initiatives such as the Data Act and Data Governance Act. Under this horizontal framework is the proposed sectoral Regulation on Financial Data Access (FIDA). The proposal aims at promoting data-driven innovation in the financial sector, possibly opening new opportunities for customers while also increasing their control of how and with whom they share data, including through tools such as permission dashboards.  Yet the move from open banking to open finance needs very careful consideration, including an appreciation of the potential risks.

We recommend a framework that strikes a balance between mandatory data sharing elements, including the risks, and market-driven elements and sets the right incentives for innovation while maintaining customer trust. We therefore suggest to:

• Set a precise scope, supported by clear definitions.
• Ensure a gradual market-based implementation and roll out of financial data-sharing schemes.
• Clearly define Financial Information Services and strengthen FISP authorisation requirements.
• Clarify roles and responsibilities in the operationalisation of permission dashboards and ensure strong security and fraud protection
• Build on the lessons learned from PSD2, specify the interplay with relevant regulation, and work towards real cross-sectoral data sharing

For more information please contact:

Liga Semane
Policy Adviser, Innovation & Data, l.semane@ebf.eu

x

About the EBF:

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.