Financial Data Access (FIDA)

Financial data access (FIDA) as a catalyst for Open Finance

The European Commission has taken a major step towards Open Finance with the Financial data access (FIDA) regulation. FIDA requires financial institutions to share data on financial products - such as loans, mortgages, insurance policies and pensions -with third parties, including other institutions and authorised service providers (FISPs), provided the customer has given consent. This initiative builds on the success of PSD2 and is reinforced by PSD3 and the Payment Services Regulation (PSR). The aim is to create a more transparent, innovative and customer-centric financial ecosystem that extends beyond payment data alone.

We help your organisation prepare for this shift. We conduct FIDA-readiness assessments, support compliance efforts and assist in developing new business models and products. With our experience in data, technology, operations and regulation, we guide you step by step towards a future in which Open Finance is not only a requirement, but also an opportunity for growth and innovation.

With FIDA, the European Commission is acting on the third priority of Digital Finance Strategy. Which is promoting data-driven innovation in financial services by establishing a common financial data space. Specifically, the Commission aims to promote business-to-business data sharing in the EU financial sector and beyond. A balanced regulatory framework is to be established which includes:

1. The possibility for customers to share their data with data users
   This empowers customers giving them full control of their financial data in a secure and meaningful way.
2. The obligation for data holders to make this data available to data users
   This will create equal opportunities between direct competitors, downstream providers in the same sector, SMEs and start-ups.
3. Complete control by customers over who accesses their data and for what purpose
   This enables customers to grant, manage, and withdraw consent for data sharing. Creating transparency and strengthening customer trust.
4. Standardization of customer data and the required technical interfaces for data sharing
   This will improve the data quality shared between data users and data holders and assurance that data holders are complying with regulatory requirements to the highest possible degree.

How PwC can help

With the regulation likely to come into effect by 2027, PwC can help with a high-level assessment on the readiness regarding FIDA compliancy. Beyond compliance, PwC can help with leveraging FIDA to create a strategic advantage for financial institutions and support in unlocking new business potential and the creation of innovative financial products & services. We have a team of experienced specialists in Business, Data, Technology, Product, Operations and Regulatory Compliance. With our combined knowledge, experience and international network we can help you guide with each step in the preparation for FIDA.

Kick-off your FIDA journey

Are you interested in a high-level assessment indicating the impact of FIDA on your organization? Would you like to know more about what strategic business opportunities FIDA enables, and which threats it creates across your business lines, including partnerships? Contact us for a Discovery & Readiness Scan.