Position Paper on FIDA

EDFA Releases Position Paper on the Financial Data Access Regulation (FIDA)

The Financial Data Access Regulation (FIDA) proposed by the European Commission marks a significant advancement in Europe’s Open Finance journey. By extending access to financial data beyond payments into areas like credit, investment, insurance, and retirement, FIDA can revolutionize financial services—leading to increased innovation, stronger competition, and improved consumer experiences.

The European Digital Finance Association (EDFA) supports the ambitions behind FIDA, recognizing its potential to deliver personalized financial services and foster innovation in areas such as wealth management tools, account aggregation, tailored insurance solutions, and enhanced fraud prevention practices. However, based on lessons learned from the implementation of PSD2, EDFA has identified several critical areas that need refinement for the legislation to be fully effective:

  • Data Compensation Principles: Clear guidelines are required to ensure fairness and incentivize all market participants.

  • Consent Management: Technical feasibility must underpin how consumers provide consent, ensuring transparency and usability.

  • Implementation Timeframes: Realistic timelines are essential, considering the complexity involved in integrating legacy and new systems.

  • Standardized Frameworks: Clear criteria for data-sharing schemes and cross-border interoperability should be established to guarantee seamless operation throughout the EU.

In anticipation of upcoming legislative discussions, EDFA urges lawmakers to embrace these recommendations. The goal must be to leverage FIDA’s significant potential while avoiding unnecessary complexity and regulatory burdens.

In addition to publishing its position paper, EDFA is a co-signatory—alongside AEFI, AFEPAME, EMA, ETPPA, France FinTech, FRIDA, PSD2SIG, and the Swedish FinTech Association—of a joint open letter sent on 31 March 2025 to the European Commission and the European Parliament.
This letter expresses the ecosystem’s broad support for the Commission’s FIDA proposal, while also calling for a number of targeted improvements to ensure the regulation delivers on its full potential.

Together, let’s build an innovative, secure, and competitive Open Finance ecosystem in Europe.