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The Financial Data Access Regulation (FiDA) creates the first Europe-wide financial data space, which has the potential to fundamentally change the financial industry. Banks, insurers, asset managers and other institutions will be required to provide customer-approved data in a secure, standardized and controlled manner, thus laying the foundation for a new, interoperable data economy.
FiDA extends the principle of Open Banking to the entire industry, with clear goals: greater transparency, stronger customer centricity and faster innovation.
As a consulting partner, we support financial institutions in strategically integrating regulatory requirements into their business and operating models, and at the same time tapping into new data-driven value creation potential.
FiDA extends the principle of Open Banking to the entire industry, with clear goals: greater transparency, stronger customer centricity and faster innovation.
As a consulting partner, we support financial institutions in strategically integrating regulatory requirements into their business and operating models, and at the same time tapping into new data-driven value creation potential.
Key requirements at a glance
Customer interface
Financial institutions must provide retail customers and SMEs with real-time access to their product data, controlled via a central data access permission board.
With customer consent, this data must also be made available to third-party providers, in exchange for financial compensation.
Goal: an open, data-based and customer-centric ecosystem that promotes innovation and competition.
With customer consent, this data must also be made available to third-party providers, in exchange for financial compensation.
Goal: an open, data-based and customer-centric ecosystem that promotes innovation and competition.
Roles under FiDA
FiDA defines new roles in the data ecosystem:
- Data holders: e.g. banks as customers’ contractual partners
- Data users: Market participants who, as a result of a business requirement, receive and process customer data with their consent
- FISPs (financial information service providers): new role, comparable to AISP (account information service provider) under PSD2
Goal: transparent and regulated access to sensitive financial data.
Architecture and data
Technical requirements include, but are not limited to:
- Real-time data provision with high data quality
- Consent dashboard to manage and monitor data sharing
- Data usage in line with GDPR and PSR
Goal: modern and powerful infrastructure for secure data processing, including across national borders.
Financial Data Sharing Scheme (FDSS)
The FDSS provides the organizational framework for data exchange:
- Members: Data owners, data users and consumer organizations
- Requirement: Representation of at least 25% of customers per product/market
- Obligation: Participation in at least one FDSS Reporting obligation of the three largest members, for supervisory purposes.
Goal: Governance structure for security and quality of data use in the financial sector.
Related Content
Gain further insights and additional context on the European financial architecture. The accompanying articles explore key aspects of the topic in greater depth and help you better understand developments and interdependencies. Discover more now and access the full breadth of content.
Our FiDA service offering
We support financial institutions not only in implementing FiDA in compliance with regulations, but also in integrating it specifically into the strategic development of business and operating models.
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