Open Finance
EU Financial Data Access framework expanding the European Financial Data Space
Overview
The Open Finance policy aims at expanding the EU Financial Data Space, building on the EU Data Strategy and its Digital Finance Strategy. Open finance forms an integral part of the European financial data space, along with data contained in public disclosures of firms and supervisory data, all under the umbrella of fostering the EU Capital Markets Union. The Financial Data Access (FIDA) regulation wants to rationalise the way financial data can be accessed and shared from data holders by data users, based on customer consent.
Key Points
- 1The Financial Data Access (FIDA) regulation sets up a framework for financial data access with technical permission dashboards and supervisory oversight.
- 2The European Single Access Point (ESAP) aims to consolidate online access to financial and sustainability-related data of companies accessing the Capital Markets Union.
- 3The revision of the Payment Services Directive (PSD) and establishment of a Payment Services Regulation (PSR) enable alternative payment models and rationalise cryptocurrency access.
- 4Open finance enables greater access to financial information currently held in closed environments, enabling more personalised and diverse services based on user consent.
- 5The roles of different actors — public and private — must be clearly established to ensure a fair-level playing field.
- 6Coherence with other horizontal and sector legislation such as Open Data and PSI policies is essential.
FEBIS Position
Business information providers support the development of the European Financial Data Space and welcome the will to enable better data access and sharing possibilities. FEBIS and its members, as data users, support the promotion of better access to data based on legitimate interests and coherent data protection. The question of sole traders remains very important: FEBIS strongly recommends a clarification based on the capacity under which a natural person interacts with creditors and financial institutions, and that natural persons acting in a business capacity should be considered equal to legal persons in all relevant legislation.
Implications for Members
- •Better data access unlocks new service opportunities for business information providers as data users.
- •ESAP consolidation of company data improves the foundation for credit and business information services.
- •Payment services modernisation opens new channels for integrating real-time financial data.
- •The sole trader clarification is essential for members who provide services to businesses operated by natural persons.
- •Members should monitor FIDA developments closely as the framework will directly affect data access rights.
- •A coherent approach across GDPR, Open Data, and financial sector legislation is required for legal certainty.
Key Components of Open Finance
Financial Data Access (FIDA)
Rationalises how financial data is accessed and shared, establishing technical permission dashboards and supervisory oversight.
European Single Access Point (ESAP)
Consolidates online access to financial and sustainability-related data of companies that access the Capital Markets Union.
Payment Services Regulation (PSR) / PSD3
Enables alternative payment models and rationalises the use and access of cryptocurrencies and new digital financial services.
Key Dates
19 February 2020
EU Data Strategy published (COM(2020) 66)
28 June 2023
FIDA (Financial Data Access) legislative proposal published by the Commission
10 July 2027
ESAP opens to the public (collection bodies submit data from July 2026)