While broadly supportive of the Commission’s direction, the industry has raised concerns about certain elements that may limit innovation, competitiveness, and consumer empowerment.
Fintech stakeholders have welcomed provisions that align FIDA with other regulatory frameworks, such as the PSR and PSD3, particularly the authorisation process for Account Information Service Providers (AISPs) to become Financial Information Service Providers (FISPs). They have also backed proposals to ensure high-quality interfaces for data access, reflecting lessons learned from PSD2, where poor implementation of APIs hampered service development.
There is also support for maintaining a broad scope of data coverage, including data from occupational pension schemes and insurance undertakings, and for introducing interoperability mechanisms through the voluntary use of European Digital Identity Wallets.
However, fintech organisations are urging co-legislators to reconsider several restrictive measures. One key concern is the proposed exclusion of ‘large corporates’ from the definition of customers under FIDA. Industry representatives argue that this contradicts existing financial regulations and could hinder services targeting this segment.
Another contested point is the exclusion of credit rating agencies from the regulation's scope, which fintech actors argue would impair cross-border access to relevant data for personal finance management tools. Additionally, limiting access to historical financial data to ten years is viewed as unnecessarily restrictive and inconsistent with the current availability to customers.
The industry has also pushed back against the Commission’s preference for a harmonised, centrally imposed scheme for API functionality and data standards. Instead, stakeholders advocate for a market-led approach, citing the success of premium APIs and industry-led initiatives like the SEPA Payment Account Access (SPAA) scheme under PSD2.
Fintech groups further call for a customer-centric approach to FIDA, with continuous, API-based access to data via user interfaces, and a clearer distinction between ‘data access’ and ‘data sharing’ to avoid confidentiality concerns.
According to respondents, these adjustments would help FIDA support Open Finance in Europe more effectively, encouraging innovation while protecting consumers and aligning with broader digital competition objectives.
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