The draft Financial Data Access (FIDA) Regulation allows customers to have their financial data shared by their bank directly with other financial institutions, and it gives a new category called Financial Information Service Providers. This goes beyond PSD2 as it includes other financial information such as insurance, savings accounts, loans, investments, pensions, credit ratings, crowdfunding loans, etc. This regulation will bring significant changes to the strategy and IT infrastructure of all financial institutions. It also requires stakeholders to come together to translate the guidelines of the FIDA Regulation into concrete regulations. Although it is still a draft, the significant impact of the FIDA Regulation warrants that parties start their implementation efforts now.
In this article, Emanuel van Praag introduces (the proposal for) the FIDA Regulation (1).
(1) https://kvdl.com/uploads/documents/De-FIDA-Verordening_-Open-Finance_-003.pdf
