Different Perspectives on FiDA and Open Finance from the Latest EUROFI Magazine

The latest EUROFI magazine, published after the recent EUROFI Copenhagen meeting, gathered a wide range of views on Financial Data Access Framework Proposal (FiDA) and the broader Open Finance agenda. The diversity of opinions is striking and, in my view, essential for a healthy democratic debate on the future of finance in Europe.

Several supervisory voices highlighted the need for balance. They recognised the potential of data-driven innovation while cautioning against overly complex frameworks.

The French industry perspective focused on familiar concerns, such as the risk of demutualisation and the claim that FiDA might not support simplification or the broader coopetition agenda. Personally, I see it quite differently.

To me, FiDA could do the exact opposite. It could become a catalyst for simplification and digitalisation. Imagine if all market participants spoke the same data language, a common standard that could be used not only within FiDA but across all digital interactions in financial services. That might be the biggest benefit of FiDA, even more than the individual use cases themselves.

This is also why I am supportive of efforts to develop European data standards through established standardisation bodies, which already have the expertise and infrastructure for this work. At the same time, I am more cautious about proposals to create multiple national financial data sharing schemes. Fragmentation would undermine the very point of a Single Market.

The European Banking Authority (EBA) offered a particularly balanced and thoughtful perspective. One point that stood out was the need to avoid overlapping obligations for crypto-asset service providers handling electronic money tokens.

Without careful coordination, these entities could end up facing double compliance burdens under both FiDA and the upcoming open banking review rules (PSD3). This kind of regulatory overlap could hinder innovation rather than foster it.

The EBA also suggested that FiDA could serve as a test case to see whether simpler rules can achieve their intended outcomes, especially in a space where private sector interests may diverge quite significantly. If it works, FiDA could become a model for more streamlined regulation that still promotes competition and innovation.

Finally, the Financial Conduct Authority (FCA) framed Open Finance as the next chapter in financial access and innovation, looking at it through the lens of competition and growth. This contrasts with some of the more defensive narratives often heard in the EU debate, and to me it feels like the right tone to take if we want this agenda to succeed.

Overall, these articles offered a good mix of perspectives, and even when I disagree with some of them, they sharpen my own thinking.

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