Tune in now – and learn more about the current status of the Financial Data Access Regulation (FiDA).
In the latest episode of our podcast “Alles Legal – Fintech-Recht kompakt”, Dana Wondra and Frank Müller, lawyer at Annerton, discuss the proposed Financial Data Access Regulation (FiDA) from the European Commission. They explain why FiDA is crucial for the future of European open finance – and what strategic considerations financial institutions should be focusing on right now.
What to expect in this episode
While many view FiDA merely as a continuation of PSD2 and open banking, Frank Müller makes it clear: FiDA is more than that – a genuine milestone towards increased competition, innovation, and consumer protection in the European financial sector. He also openly addresses the challenges: technically complex requirements, especially for smaller providers. Keywords include: interfaces, data dashboards, GDPR compliance – all of which must be conceptualised, built, and operated.
What is FiDA – and why does it matter?
The Financial Data Access Regulation is a key component of the EU’s digital strategy. It aims to structure access to financial data, promote customer-centric innovation, and pave the way for a unified open finance ecosystem across Europe. While PSD2 primarily opened up payment services, FiDA goes much further – covering a broad range of financial data, such as on loans, insurance, or savings products.
FiDA as a milestone for more competition, innovation, and consumer protection
According to Frank Müller, FiDA marks a true turning point: It sets the stage for new business models, data-driven services, and a more equitable market structure. But he also points out the hurdles: implementation is technically demanding, especially for smaller market participants. It involves setting up secure interfaces, transparency dashboards for end users, and ensuring GDPR compliance – all of which require significant effort.
Current status: Is FiDA coming – and if so, when and how?
FiDA has not yet been formally adopted. The draft is currently going through the European legislative process, and many details remain open:
- How specifically will the technical requirements be defined?
- How realistic are the implementation deadlines – particularly for smaller market participants?
- And how can it be ensured that FiDA becomes more than just a paper tiger and actually has tangible impact?
This episode offers a concise overview of the current status – ahead of upcoming episodes featuring Awet Yohannes and Peter Frey, which will delve deeper into the specific issues.
About this podcast
Alles Legal – Fintech Recht Kompakt delivers sharp, weekly insights into legal and compliance matters in the world of banking. (in German only)
This podcast is a collaboration between Payment & Banking and PayTechLaw.
Each Wednesday, we unpack the legal developments shaping the financial world – clearly, concisely, and without the legal jargon.
Since 2021, PayTechLaw authors and Annerton attorneys have brought depth and clarity to complex topics.
Whether it’s PSD3, DORA, or FiDA – we provide the legal context you need.
In 20 minutes. No detours.
