Open Finance & FIDA: the future of data-driven finance in Europe
Data and technology are increasingly driving changes across business models. There is a clear trend in the EU to enable data sharing to boost competition and innovation in the payments industry and beyond. To complement this vision and to secure the potential of a truly digital economy, many regulators and industry players, including Mastercard, see benefit in a long-term, Open Finance strategy being developed in the EU. The foundation of that strategy is currently being laid down through the new EU Financial Data Access framework (FIDA), and it is both timely and relevant for policy makers and the industry to discuss crucial aspects of both the proposed regulation and the future of Open Finance in the EU.