A large group of European Fintech associations, including some crowdfunding groups, has signed a letter advocating on behalf of the Financial Data Access Regulation (FIDA). The letter has been addressed to the European Commission, the European Parliament, and the Council of the EU.
According to a blog post, FIDA is a key policy representing Open Banking or Open Finance. The group sees this technology as vital for the support of financial innovation.
Posted on France Fintech, the main recommendations are as follows:
- Customer-centric approach : FIDA must enable customers to control their financial data, thus facilitating access to a broader range of innovative services.
- Expanding the scope: Limiting FIDA to retail client data alone could limit its potential. It is essential to also include professional client data for a more inclusive approach.
- Access to historical data: The ability to access historical data, particularly in the insurance sector, is crucial to offering personalized and competitive services.
- Market-led approach: Encouraging a market-led approach to FIDA schemes would enable more agile adaptation to the needs of consumers and businesses.
The letter states that people must take control of their data, and FIDA should “put customers in the driver’s seat.”
To quote the document:
“Concerns about fraud and privacy are legitimate and must be taken seriously. But the answer lies in building strong regulatory and technological frameworks that safeguard consumers while enabling innovation — not in slowing progress or opting for inaction. Europe’s competitiveness depends on its ability to tackle risks head-on with robust standards, rather than using them as a reason to stall.”
The letter urges policymakers not to abandon or diminish FIDA, pledging their assistance in crafting the policy
