{"id":117566,"date":"2025-04-11T09:32:32","date_gmt":"2025-04-11T09:32:32","guid":{"rendered":"https:\/\/sii.pl\/news-feed\/regulacja-fida-czyli-bankowosc-bez-ograniczen-nowa-era-otwartego-finansowania\/?category=uncategorized"},"modified":"2025-04-14T07:01:36","modified_gmt":"2025-04-14T07:01:36","slug":"fida-regulation-banking-without-limits-a-new-era-of-open-finance","status":"publish","type":"post","link":"https:\/\/sii.pl\/en\/news-feed\/fida-regulation-banking-without-limits-a-new-era-of-open-finance\/","title":{"rendered":"FiDA Regulation: Banking without limits. A new era of open finance\u00a0\u00a0"},"content":{"rendered":"<div class=\"wp-block-sii-block-section-container container\" data-mmargintop=\"\"><p><strong>The payment services market continues to evolve rapidly. The Covid-19 pandemic accelerated this growth, bringing new challenges. At the same time, the number of sophisticated fraud attempts increased, significantly impacting consumers. This triggered the need for new directives and regulations such as Financial Data Access (FiDA). But what exactly is FiDA, and what challenges and opportunities does it present for the financial sector?\u00a0<\/strong><\/p>\n\n<h3 class=\"wp-block-heading\"><strong>What is FiDA?<\/strong>\u00a0<\/h3>\n\n<p>FiDA, <strong>Financial Data Access,<\/strong>&nbsp;is a regulation designed to ensure transparent communication regarding:&nbsp;<\/p>\n\n<ul class=\"wp-block-list\"><li>the use and sharing of customer data between financial institutions,\u00a0<\/li><\/ul>\n\n<ul class=\"wp-block-list\"><li>the standardization of data formats and interfaces,\u00a0<\/li><\/ul>\n\n<ul class=\"wp-block-list\"><li>the implementation of stricter security measures to protect processed data.\u00a0<\/li><\/ul>\n\n<p>The regulation introduces mechanisms that give customers control over data access, allowing them to grant or revoke consent for its processing.&nbsp;<\/p>\n\n<p>The Financial Data Access (FiDA) regulation, proposed by the European Commission, is expected to take effect around 2027. Its main goal is to ensure secure access to financial data and to strengthen consumer control over their own information.&nbsp;<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Scope of FiDA application<\/strong>&nbsp;<\/h3>\n\n<p>The FiDA regulation marks a breakthrough in financial openness. It will apply to institutions that own customer data and are authorized by clients to process it. This includes information related to loans, investments, assets, and insurance products. For example, data on loan installments or interest rates\u2014currently unavailable via Credit Information Bureaus\u2014may become accessible to other entities. Access to detailed information about financial products held with other banks, or a customer&#8217;s creditworthiness, will allow institutions to create more personalized offers.&nbsp;<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>The role of&nbsp;Third Party Providers&nbsp;(TPPs)<\/strong>&nbsp;<\/h3>\n\n<p>FiDA is not limited to banks alone. Small and medium-sized enterprises (SMEs) will also gain the right to authorize third parties (data users) to access and use their financial data. Third Party Providers (TPPs)\u2014such as fintech companies and online trading platforms\u2014will be able to create more competitive offerings based on user financial data.&nbsp;<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>FiDA vs PSD2 \u2013 what\u2019s the difference?<\/strong>&nbsp;<\/h3>\n\n<p>FiDA builds upon the Payment Services Directive (PSD2), which enabled:&nbsp;<\/p>\n\n<ul class=\"wp-block-list\"><li>bank account management,\u00a0<\/li><\/ul>\n\n<ul class=\"wp-block-list\"><li>transferring or opening new accounts,\u00a0<\/li><\/ul>\n\n<ul class=\"wp-block-list\"><li>displaying various financial service providers through a single interface.\u00a0<\/li><\/ul>\n\n<p>FiDA is the next step toward open banking. It expands the types of data accessible to TPPs, going beyond payment-related data. As a result, fintech firms will be able to deliver more tailored products and services, considering the customer\u2019s full financial history.&nbsp;<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>FiDA \u2013 a revolution in Consumer Data Management<\/strong>&nbsp;<\/h3>\n\n<p>Implementing FiDA will require organizations to take several preparatory actions, including:&nbsp;<\/p>\n\n<ul class=\"wp-block-list\"><li>Informing customers by mid-2025 about how their data is processed under the new regulations.\u00a0<\/li><\/ul>\n\n<ul class=\"wp-block-list\"><li>Conducting audits of systems and processes to ensure compliance with FiDA.\u00a0<\/li><\/ul>\n\n<ul class=\"wp-block-list\"><li>Launching testing phases and implementing necessary corrections before full rollout.\u00a0<\/li><\/ul>\n\n<ul class=\"wp-block-list\"><li>Establishing mechanisms for compliance monitoring and reporting.\u00a0<\/li><\/ul>\n\n<p>Therefore, FiDA introduces a new standard for managing financial data, ensuring greater transparency and control for consumers.&nbsp;<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Preparing for FiDA implementation<\/strong>&nbsp;<\/h3>\n\n<p>Rolling out FiDA will require financial institutions to adapt their IT infrastructure and standardize data access processes to meet regulatory requirements. Advanced customer tools will need to be deployed, allowing full control over data via a dedicated user portal. Customers will be able to:&nbsp;<\/p>\n\n<ul class=\"wp-block-list\"><li>manage who has access to their data,\u00a0<\/li><\/ul>\n\n<ul class=\"wp-block-list\"><li>grant and revoke permissions,\u00a0<\/li><\/ul>\n\n<ul class=\"wp-block-list\"><li>view data-sharing history,\u00a0<\/li><\/ul>\n\n<ul class=\"wp-block-list\"><li>define categories and validity periods of authorizations.\u00a0<\/li><\/ul>\n\n<h3 class=\"wp-block-heading\"><strong>Summary \u2013 the future of FiDA<\/strong>&nbsp;<\/h3>\n\n<p>The integration of FiDA with existing directives like PSD2 and adaptation to new regulatory requirements will be crucial for maintaining competitiveness. Organizations that invest in the right technologies and processes to comply with FiDA will not only meet regulatory demands but also gain a competitive advantage by offering more innovative and personalized financial services.&nbsp;<\/p>\n\n<p><strong>Sii supports financial institutions in conducting IT system audits, testing solutions, and implementing mechanisms that ensure compliance with FiDA.<\/strong>\u00a0<br><strong>Want to learn more?<\/strong><a href=\"https:\/\/sii.pl\/en\/contact-us\/?industry=907000005\" target=\"_blank\" rel=\"noopener\" title=\"\"><strong> Contact our experts.<\/strong>\u00a0<\/a><\/p>\n\n<p><\/p><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":131,"featured_media":117592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"views\/single-old-pressroom.blade.php","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"tags":[4025],"class_list":["post-117566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-retail-banking"],"acf":[],"aioseo_notices":[],"featured_media_url":"https:\/\/sii.pl\/wp-content\/uploads\/2025\/04\/1920X840_Presroom_FIDA-1.jpg","category_names":["Offering"],"_links":{"self":[{"href":"https:\/\/sii.pl\/en\/wp-json\/wp\/v2\/posts\/117566"}],"collection":[{"href":"https:\/\/sii.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sii.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sii.pl\/en\/wp-json\/wp\/v2\/users\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/sii.pl\/en\/wp-json\/wp\/v2\/comments?post=117566"}],"version-history":[{"count":1,"href":"https:\/\/sii.pl\/en\/wp-json\/wp\/v2\/posts\/117566\/revisions"}],"predecessor-version":[{"id":117571,"href":"https:\/\/sii.pl\/en\/wp-json\/wp\/v2\/posts\/117566\/revisions\/117571"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sii.pl\/en\/wp-json\/wp\/v2\/media\/117592"}],"wp:attachment":[{"href":"https:\/\/sii.pl\/en\/wp-json\/wp\/v2\/media?parent=117566"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sii.pl\/en\/wp-json\/wp\/v2\/tags?post=117566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}