FiDA and Open Finance
The Financial Data Access (FiDA) regulation is a cornerstone of the EU’s Digital Finance Strategy, serving as the legislative foundation for implementing Open Finance across Europe. FiDA will affect the entire finance industry across Europe. Prepare for FiDA and Open Finance now!
FiDA: Financial Data Access regulation
The EU Parliament and Council are currently reviewing the rules and once the final version is announced there will be a 24-month implementation period before they become mandatory across EU member states.
To achieve Open Finance, the regulation identifies data holders and data users. Data holders must share all customer data with third parties designated by the customer. Data users combine customer data from various sources to deliver new or better services to the customer. FiDA is designed to give consumers control over all financial data.
Rethinking data and platform strategy: Explore and address the impact of the new FiDA regulation.
Data holders should rethink data and platform strategy, data users should rethink business opportunities
The impact for data holders is substantial. Once implemented and enforceable the regulation requires you to promptly and accurately process customer consent and share customer data through a standard API. Although there is still a lot unknown, it is perfectly clear that such functionality will have a great impact on data management and the operational platform.
The opportunities for data users are potentially immense! What if you now can combine all elements of the financial life of your customer? What if you can help and support your client without asking your client to share all data, but only a consent to retrieve it? FiDA enhances customer convenience by providing a higher-quality service.
On top of all this, data holders can also be data users!
Projective can help you explore and address the impact of the new FiDA regulation.
FiDA Awareness Workshop
Covers all aspects of FiDA. It is important that you fully understand what the new legislation will mean for your organisation. Topics are – compliance requirements and business opportunities you may see. In this awareness workshop you discover the ambition level you wish to pursue – compliance only, defensive or offensive!
FiDA Ideation Service
Fully discover the business opportunities of the FiDA regulation. Your senior management and our specialist creatively explore your FiDA business opportunities and threats, assess the desirability, reasoning the feasibility and concluding viability. This service keeps you well informed and could be the starting point for a new business initiative. Opportunities require you to start preparing now.
FiDA Compliance Impact and Gap Analysis
To better understand the future you are facing, the FiDA Compliance Impact Analysis identifies vulnerabilities. Additionally, the FiDA Gap analysis on Data Management, Platform and Organization (separate or as a bundle) identifies the gap that will arise on those topics. This Gap and Impact analysis thoroughly prepares you for the obligations and opportunities arising from the future FiDA regulation.