The Financial Data Access (FiDA) Regulation
Payment Services Directive 3 (PSD3), Payment Services Regulation (PSR)
Description: Understanding the European Financial Data Space (EFDS) after the DORA regulation, what it means to EU and non-EU entities
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What is the European Financial Data Space (EFDS)?
According to the European strategy for data (19.2.2020), the European Commission supports the establishment of nine common European data spaces, including the Common European financial data space, "to stimulate, through enhanced data sharing, innovation, market transparency, sustainable finance, as well as access to finance for European businesses and a more integrated market."
According to the Commission, in the financial sector, EU legislation requires financial institutions to disclose a significant amount of data products, transactions and financial results. Moreover, the revised Payment Services Directive marks an important step towards open banking, where innovative payment services can be offered to consumers and businesses on the basis of the access to their bank account data. Going forward, enhancing data sharing would contribute to stimulating innovation as well as achie
The Financial Data Access (FiDA) Regulation
Payment Services Directive 3 (PSD3), Payment Services Regulation (PSR)