FiDA and open finance: is your bank ready?

The European Union is clear about its objective with the proposed Financial Data Access regulation (FiDA): “bringing the wider financial sector to the digital age.”¹ It seeks to do this by proposing “a new framework for secure and open access to customer data across a wider range of financial services. This framework places consumers’ interests, competition, security and trust at their centre.”²

The issue FiDA seeks to address is that a lot of that customer data is currently silo-ed. As the EU notes, “Data users, i.e. firms that want to access customer data to provide innovative services, have problems accessing data held by data holders, i.e. financial institutions that collect, stores and process that customer data. As a result, even where customers so wish, they do not have widespread access to data-driven financial services and financial products.”³ 

FiDA aims to rectify that. “The revised Payment Services Directive (PSD2) has been transformative in the open banking sphere,” noted Michal Parso, Senior Product Manager, Digital Banking, at G+D Netcetera. PSD2 addressed the issues around payments and the exchange of data in that ecosystem. “Think of FiDA as an extension of that framework, building upon PSD2’s success in open banking and moving it outwards into the larger open finance domain, while keeping the same shared principles,” said Parso. 

The idea of shared principles is important. FiDA was introduced in the same “Financial Data Access and Payments Package” that included the proposals for the updated PSD3 and the Payment Services Regulation (PSR) in June 2023. 

Negotiations between the EU and other stakeholders began in 2025. FiDA is expected to be formally adopted in mid-2026. Once voted in, it will be published and become law. If everything goes according to plan, implementation will start sometime in late 2027. (The rollout will be in “waves,” staggered among different sectors.) 

This means that players in the open finance ecosystem have work to do so they are prepared.

FiDA’s guiding principles

“FiDA aims to create an EU-wide regulatory framework for an open finance ecosystem. This covers a really broad variety of financial data, from mortgages, loans, and savings, to investments, insurance, pensions, and crypto-assets,” stated Parso. “The principles that drove PSD2 [and PSD3, when it arrives] are here as well: user consent, data access, the fostering of competition, and driving innovation.”

Let’s dig a little deeper into what those “principles” will mean on the ground.

More control for consumers: FiDA aims to provide a deeper, more granular management to the end user by allowing them to grant (or revoke) access to a much more complete set of their financial information across sectors.

Removal of silos: In the current scenario, a user’s data is isolated among the various data holders they interact with, such as banks, insurance providers, and the like. This is hard to share with interested third parties that could – if they had access to the data – provide a more comprehensive suite of financial services to the user. FiDA enables the framework for connecting those data silos through standardized APIs, with the user’s permission. 

Better consumer finance: Among other benefits, the user would have access to a more complete overview of their finances across the entirety of their financial lives. In addition, tasks that are currently quite onerous, such as getting a home loan or transferring an investment portfolio, would be made easier, due to enhanced data sharing.

More competition and boosting innovation: More choice for the customer is a net positive. Data sharing helps drive choice by enabling an ecosystem where the traditional gatekeepers of a customer’s data compete on a level footing with new entrants. “Banks will remain central, as they hold the largest share of a customer’s financial data,” stated Parso. “However, by setting consistent standards for access, security, governance, and customer protection across all financial players, FiDA levels the playing field.”

Opportunity for banks and wallet providers

“Since quite a lot of a user’s financial information is locked within established banks and financial institutions, wallet providers, neobanks, and fintechs can’t provide a comprehensive suite of financial services that includes credit insights, personalized tools, product comparisons, seamless money management, and the like,” said Parso. The issue isn’t the technology; it is access to the all-important data. FiDA provides that access.

Once consent is granted by the customer, a secure and standardized data-sharing framework allows digital players and other wallet providers to move quickly, offering innovative and integrated financial experiences that are data-driven. The benefit to the customer is obvious. But wallet providers need to move quickly to ensure they’re prepared to make the most of the new ecosystem.

Competition for customers is going to increase. So will customer expectations. Navigating this new ecosystem is a strategic priority.

A guide to the new reality

“Can your bank turn regulatory change into a scalable advantage?” asked Parso. The right partner can help this transformation by providing:

• An advisory function
• Real world–proven digital banking technology
• Integration expertise 

G+D Netcetera has a record of being a trusted partner to banks and other financial institutions, with experience in providing high-impact digital banking and wallet solutions.

Given its background – and, as part of the larger G+D network, its status as a global SecurityTech leader that secures trust around the world – it is well placed to advise businesses on the implications of FiDA and other regulations that could affect them, in the EU and further afield. This includes assessing readiness and identifying new opportunities at the strategic level. 

It also provides the end-to-end readiness and technical solutions your organization needs – for compliance with regulations as they arrive, and in order to pivot to new opportunities that will be opened up in the open finance ecosystem. 

Published: 26/03/2026