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The EU’s proposed Financial Data Access (FiDA) framework promises transformative impacts for banks and other financial institutions.
The European Union’s proposed Financial Data Access (FiDA) framework is set to revolutionize the banking sector and broader financial services landscape. With potential approval in the coming months and implementation timelines of 18 to 42 months post-enactment, the urgency for banks to adapt is clear.
Once passed into law, FiDA will require financial intermediaries to share customers’ financial data – subject to customer consent – with scope to extend beyond traditional banking to include investment and insurance sectors. This shift is not just an extension of open banking; it represents a fundamental change in how financial data is accessed and used.
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