The Financial Data Access Regulation (FiDA) is intended to facilitate the development of Open Finance in the European Union as it will allow customers to be more digitally mobile and to monitor, manage or share their financial data with entities from various financial sectors. The proposal is currently under consideration by the European Parliament and Council, the co-legislators for the EU.
FiDA will build upon the foundation laid by Open Banking, introduced through the Second Payment Services Directive (PSD2), which allowed third-party payment service providers to access customers' payment accounts maintained by other institutions.
The legislation is expected to be applicable from 2027, but, in our view, the extensive technical implementation requirements warrant firms commencing preparations soon. At the very least, each market participant should examine the opportunities and challenges that FiDA may entail.
As an aid to planning preparations, we have assessed requirements based on FiDA's current position on the legislative pathway and produced our FiDA Checklist. It provides a helpful introduction to FiDA and summarises the provisions as set out in recent drafts.
Further updates to this resource will be published at appropriate points as FiDA moves towards finalisation and is likely to be amended by the co-legislators.
Please click here to request the first edition of the FiDA Checklist.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
