Brussels, 2 October 2025
The European Third Party Providers Association (ETPPA), together with 24 leading fintech organisations across Europe, has submitted a united appeal to the European Council ahead of the upcoming trilogue negotiations on the Framework for Financial Data Access (FIDA).
The letter calls on policymakers to uphold an ambitious, innovation-driven open finance framework, and firmly opposes any moves to weaken, delay, or scrap the proposal.
EDFA was proud to join this collective effort, reinforcing the importance of ensuring that Europe remains a global leader in open, competitive, and customer-centric digital finance.
Why FIDA Matters
FIDA represents a cornerstone of Europe’s vision for open finance — empowering consumers and businesses to access, reuse, and benefit from their financial data across services and borders. As the letter highlights, the regulation is not just about convenience, but about restoring control to individuals and enabling new innovation and competition in Europe’s financial markets.
By responsibly opening access to financial data, FIDA can:
- Strengthen customer choice and financial literacy
- Support the growth of startups and scaleups
- Enhance competitiveness and job creation
- Build a more informed, resilient, and data-driven financial ecosystem
A Call to Preserve Ambition
For over two decades, Europe’s fintech sector has driven progress in data-enabled financial innovation, from open banking under PSD2 to today’s vision of open finance. The joint industry letter urges co-legislators to build on this progress – enhancing safeguards and practical implementation while preserving the ambition of FIDA as envisioned by the European Commission.
“Europe cannot afford to lose momentum on open finance,” the letter concludes. “FIDA should empower people to take control of their data, drive innovation, and strengthen Europe’s competitiveness.”