FiDA is an EU regulatory framework proposed alongside PSD3 and PSR in June 2023, that expands the concept of open banking, established under PSD2, into a broader concept defined as open finance. While PSD2 covers only payment accounts, FIDA establishes a framework enabling consumers to share a wider range of financial data – such as mortgages, loans, savings, investments, pensions and insurance products – with authorized third-party providers, subject to their consent.
What is the goal with FiDA?
Currently, consumers have limited access and control over their financial data, and the data-sharing framework is fragmented and incomplete. FiDA aims to give consumers greater control over their financial data, create a harmonized framework for financial data-sharing and foster innovation and new services.
How will FiDA be implemented in EU Member States?
As a regulation, FiDA will be directly applicable in EU Member States without the need for national transposition.
Timeline and status of FiDA:
As of March 2026 FiDA is still in negotiation, with no final agreement reached yet.