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ARTICLE · 25 AUGUST 2025

Are You Ready For The EU's Financial Data Access Regulation?

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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The Financial Data Access Regulation (FiDA) is intended to facilitate the development of Open Finance in the European Union as it will allow customers to be more digitally mobile and to monitor...

European UnionFinance and Banking
Dr Timo Bühler
Dr Timo Bühler
Carina Junker
Carina Junker
Khrystyna Stetsyshyn
Khrystyna Stetsyshyn
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The Financial Data Access Regulation (FiDA) is intended to facilitate the development of Open Finance in the European Union as it will allow customers to be more digitally mobile and to monitor, manage or share their financial data with entities from various financial sectors. The proposal is currently under consideration by the European Parliament and Council, the co-legislators for the EU.

FiDA will build upon the foundation laid by Open Banking, introduced through the Second Payment Services Directive (PSD2), which allowed third-party payment service providers to access customers' payment accounts maintained by other institutions.

The legislation is expected to be applicable from 2027, but, in our view, the extensive technical implementation requirements warrant firms commencing preparations soon. At the very least, each market participant should examine the opportunities and challenges that FiDA may entail.

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