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FiDA
Use-Cases, Business Models, FiDA Schemes for the Framework for Financial Data Access of the European Union
Use-Cases, Business Models, FiDA Schemes for the Framework for Financial Data Access of the European Union
Mortgage credit agreements, loans and accounts such as credit card accounts, except payment accounts as defined in PSD2, including data on balance, conditions and transactions;
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Savings, investments in financial instruments, insurance-based investment products, crypto-assets, real estate and other related financial assets as well as the economic benefits derived from such assets;
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Pension rights in occupational pension schemes; and pension rights on the provision of pan-European personal pension products
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Data which forms part of a creditworthiness assessment of a firm which is collected as part of a loan application process or a request for a credit rating.
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Non-sensitive categories of data used by data holders to meet know-your-customer (KYC) requirements for business customers
Learn MoreThe Financial Data Access (FiDA) framework intends to revolutionize the financial and insurance sectors in the European Union (EU). This initiative aims to foster a more open and interconnected financial ecosystem by mandating standardized access to financial data. FIDA will enhance transparency, foster innovation, and promote competition within these sectors. New use-cases will become feasible and new business models will be possible. This regulation of the European Union (EU) introduces a new legal obligation on financial institutions acting as data holders to share defined categories of data at request of the customer. FiDA builds on the success of PSD2 Open Banking, and incorporates the learnings and best practices from PSD2. The basic architecture of the ecosystem is similar - only the scope is wider. Whereas PSD2 focused on payment account only, FiDA focuses on a wider set of financial products and data, as described in the schemes.
FiDA Document
A FISP is a Financial Information Service Provider, an authorized data user as defined in the Financial Data Access (FiDA) Regulation.
Currently under way
After getting into force (estimated to be earliest in 2025):
As Digital Strategist, I support clients in discovering opportunities for innovation with Open Finance, APIs & Ecosystems. I enjoy crafting actionable API strategies and turning them into reality. I have had the opportunity to lead large-scale API initiatives in both business and technology roles in the financial services, allowing me to see the various facets of Open Finance, Open Banking and APIs in general from many different perspectives. I share my hard-learned best practices, provide strategic advice and hands-on technology guidance. I have stayed a techie at heart and at some point got a Ph.D. I publish a blog on APIs at api-university.com, am the author of several books on APIs, and regularly speak at technology conferences.
I am looking forward to discussing the implications of FiDA for your organizations from a business or technical perspective.
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