FIDA: A crucial milestone for open finance.

We are pleased the Financial Data Access (FIDA) proposed framework is advancing quickly. This is an important step towards unlocking the immense potential of open finance across Europe. 

Recently, Member States at the Council of the EU have agreed on their mandate for negotiations, while the European Parliament has decisively voted to move the file forward. As the proposal progresses toward interinstitutional negotiations, we at Insurely are eager to see this transformative initiative take shape.

Let’s explore the evolution of the FIDA proposal from its initial conception to its current state, and let’s dive into its core elements.

A wide scope is the cornerstone of innovation. 

At Insurely, we are particularly pleased to see FIDA embrace a wide scope. This is an essential aspect of the directive that lays the groundwork for innovation across a broad spectrum of financial services, including open insurance. By ensuring comprehensive data accessibility, the proposed framework will empower consumers and businesses alike to share and access the financial data they choose.

Maintaining this wide scope as the negotiations advance is critical. It has the potential to unlock groundbreaking innovation, enabling better financial services, tailored to individual needs. From streamlining insurance claims to providing smarter financial planning tools, the possibilities are endless.

Consumer ownership is a principle we stand behind. 

We stand behind FΙDA’s proposed definition of consumer data, as long as it positions individuals as the owners of their financial information. This principle is a cornerstone of trust and transparency in open banking and aligns closely with Insurely’s mission to empower consumers with greater control over their data.

By ensuring that consumers retain ownership of their data and have the freedom to decide how and with whom it is shared, FIDA sets the stage for a financial ecosystem built on mutual trust and collaboration.

Schemes need to strengthen data sharing frameworks. 

We welcome the development of Financial Data Sharing Schemes as an essential framework for enabling seamless and secure data sharing across the financial ecosystem. Schemes play a vital role in standardizing processes and fostering collaboration, ensuring that innovation can thrive while protecting consumer interests.

At Insurely, we believe it is crucial to preserve the consumers’ fundamental right to access their data independently of schemes, providing flexibility and resilience during implementation. This balanced approach will empower consumers and reinforce trust as FIDA continues to shape the future of financial services.

Looking ahead towards the path to trilogue negotiations. 

Over the past month, the Parliament and Council have made significant steps towards finalising their positions for negotiations. The Council’s mandate for negotiations is a significant achievement, reaffirming a shared commitment to enhancing financial data accessibility for consumers. Meanwhile, the European Parliament has shown exceptional leadership by voting decisively on its position.

It is a clear signal that Europe is committed to creating a more transparent, innovative, and consumer-centric financial ecosystem.

As FΙDA moves into interinstitutional trilogue negotiations in early 2025, we will keep engaging with stakeholders to deliver the best possible outcome for all consumers.  This is a critical opportunity to maintain the wide scope and uphold the principle of consumer data ownership, and ensure seamless access and sharing of data. By doing so, FΙDA can achieve its full potential—unlocking innovation, enhancing consumer choice, and fostering greater trust in financial services. A win-win for both consumers and the industry. 

A shared vision for the future. 

FΙDA represents a bold vision for the future of financial services. We are happy to support this initiative. By ensuring a framework that empowers consumers while fostering innovation, FΙDA can pave the way towards  a more transparent, inclusive, and dynamic financial ecosystem.

We are happy with  the progress made by the Commission, the Council and the European Parliament thus far and encourage all stakeholders to maintain this momentum as the negotiations advance. Together, we can build a future where financial data accessibility drives innovation and empowers individuals to take control of their financial journeys.

At Insurely, we remain committed to supporting this vision and look forward to contributing to the ongoing dialogue as FIDA progresses. Let’s seize this opportunity to create a better financial future for everyone, both consumers and the industry. And as always, don't hesitate to reach out if you want to discuss this further.