1.0EBFhttps://www.ebf.euEBF position on the European Commission’s proposal for a Framework for Financial Data Access (FIDA)rich600338<blockquote class="wp-embedded-content" data-secret="DfN6Mwizrw"><a href="https://www.ebf.eu/ebf-media-centre/ebf-position-on-the-european-commissions-proposal-for-a-framework-for-financial-data-access-fida/">EBF position on the European Commission’s proposal for a Framework for Financial Data Access (FIDA)</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://www.ebf.eu/ebf-media-centre/ebf-position-on-the-european-commissions-proposal-for-a-framework-for-financial-data-access-fida/embed/#?secret=DfN6Mwizrw" width="600" height="338" title="“EBF position on the European Commission’s proposal for a Framework for Financial Data Access (FIDA)” — EBF" data-secret="DfN6Mwizrw" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script type="text/javascript">
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https://www.ebf.eu/wp-content/uploads/2023/02/AdobeStock_126561242-1030x687.jpeg1030687The EBF recognizes efforts by the European Commission to develop a strong European data economy through initiatives such as the Data Act and Data Governance Act. Under this horizontal framework is the proposed sectoral Regulation on Financial Data Access (FIDA). The proposal aims at promoting data-driven innovation in the financial sector, possibly opening new opportunities for customers while also increasing their control of how and with whom they share data, including through tools such as permission dashboards. Yet the move from open banking to open finance needs very careful consideration, including an appreciation of the potential risks.