🎧What roles do data holders, data users and customers play in the era of Open Finance? In this new episode of Alles Legal – Fintech-Recht kompakt, Dana Wondra and Awet Yohannes take a close look at the Financial Data Access Regulation (FIDA). Tune in now!
Table of Contents
Part 2 of the FIDA Series
This week, we continue our deep dive into FIDA. Host Dana Wondra from Payment & Banking is joined by Awet Yohannes, lawyer at Annerton, to explore access rights, data sovereignty and dashboards – and what FIDA means for financial market participants.
Understanding the FIDA Triangle
At the centre of the discussion is the FIDA Triangle, which outlines the relationship between data holders (e.g. banks), data users (e.g. fintechs) and customers, whose financial data is being accessed. FIDA makes one thing clear: data sovereignty lies with the users. They decide who can access their data, for how long, and for what purpose.
Legal and Technical Responsibilities
FIDA introduces clear obligations:
Data holders must provide interfaces, enable real-time access, and offer users a dashboard to manage their data permissions.
Data users must be authorised, use the data only for specific purposes, and delete it after use.
Compensation and the Big Tech Question
A key difference from PSD2 is FIDA’s introduction of compensation for data provision. This is designed to encourage greater participation in the Open Finance ecosystem. Meanwhile, access by Big Tech remains a highly debated issue.
More Than a Technical Rule
This episode makes one thing clear: FIDA is not just a technical framework – it marks a genuine paradigm shift in how financial data is handled.
About this Podcast
Alles Legal – Fintech-Recht kompakt delivers exciting weekly insights into legal and compliance matters in the banking sector.
The podcast is a collaboration between Payment & Banking and PayTechLaw. Each Wednesday, we explain the latest legal developments in the financial world – concise, clear, and jargon-free. Since 2021, PayTechLaw authors and Annerton lawyers have provided the depth this podcast needs, without slipping into legalese. Whether it’s PSD3, DORA or FiDA: we deliver the context you need. In 20 minutes. Straight to the point.
