EBF CONSULTATION RESPONSE
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EBF response to the European Commission’s targeted questionnaire on Open Finance

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BRUSSELS, 20^th July 2022  – The EBF has responded to the European Commission’s targeted consultation on Open Finance.

The data economy is of high interest to European banks in the context of their ongoing digital transformation and their aim to deliver new services and opportunities for customers. It is the combination of data from different sectors which holds the greatest potential, yet a cross-sectoral data sharing framework at EU level remains absent.

The EBF response notes that the focus for an Open Framework should be in addressing existing gaps in data sharing aspects, including consumer protection, technical obstacles, liability, and a fair distribution of value and incentives for all market actors. Data sharing should be voluntary, based on market needs, allowing to see for which use cases there is demand from customers and what would bring the most added value to them. Because it is the users – consumers and firms – who are the centre of data sharing.

This flexible approach would  give space for innovation to emerge from the market itself while delivering new opportunities for customers, and enabling the financial sector to move towards an open data economy without deepening existing asymmetries from single-sector data sharing.

For more information please contact:

Alexandra Maniati
Senior Director, Innovation & Cybersecurity, a.maniati@ebf.eu

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

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About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together 32 national banking associations in Europe that together represent a significant majority of all banking assets in Europe, with 3,500 banks – large and small, wholesale and retail, local and international – while employing approximately two million people. EBF members represent banks that make available loans to the European economy in excess of €20 trillion and that reliably handle more than 400 million payment transactions per day. Launched in 1960, the EBF is committed to a single market for financial services in the European Union and to supporting policies that foster economic growth.