As Europe enters a decisive stage in the development of the Financial Data Access Regulation (FIDA), EDFA reaffirms its strong support for open finance and calls for a FIDA framework that is not only bold, but also implementable.
On 16 May 2025, the European Commission published a non-paper proposing simplifications to the FIDA text, ahead of the upcoming trialogues. In response, the European Digital Finance Association (EDFA) submitted its position paper, drawing from our founding principles and deep engagement with fintech ecosystems across Europe.
Our position is clear: FIDA has the potential to stimulate innovation, improve consumer access, enhance competition, and support Europe’s digital sovereignty, but only if it’s done right.
What We Support
EDFA welcomes the Commission’s proposal to:
- Simplify FIDA’s implementation timeline
- Exclude large corporates from the initial scope
- Embrace standardized data-sharing frameworks developed through European Standards Organizations (ESOs)
What Still Needs Fixing
We believe the current draft needs improvements in four key areas:
- Compensation Principles
Unclear language in Articles 5 and 10 creates ambiguity around fair compensation for data sharing. We urge the inclusion of clear, predictable frameworks — especially for SMEs. - Gatekeeper Limitations
Article 13 should be removed. FIDA-licensed providers must have a substantial European presence. Cross-references to the Digital Markets Act (DMA) only increase legal complexity. - Technical Implementation Complexity
Real-time dashboard cooperation (Article 8.4) is currently unrealistic without governance standards. FIDA must clarify what data is required, or we risk repeating PSD2’s challenges. - Access Rights & Legal Basis
The absence of a “legal interest” basis (Article 6.3) may block legitimate financial service access. We call for stronger legal clarity to protect both users and providers.
FIDA remains one of the EU’s most promising digital finance files and simplification is a welcome step. But simplification must not mean uncertainty. EDFA’s position reflects the practical experience of fintech associations and service providers across Europe.