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From Open Banking to Open Finance: The EU Package

Open bankingBy: Farzad Didehbaz2 min readSource: European Commission, 2023
From Open Banking to Open Finance: The EU Package

1Introduction

In June 2023 the European Commission proposed a package comprising PSD3, a Payment Services Regulation (PSR) and a Financial Data Access framework (FIDA).

2Discussion

The payments part targets fraud, better-performing open banking APIs and stronger consumer rights. FIDA extends open banking beyond payment accounts to savings, investments and insurance data.

3Conclusion

The common principle: customers own their data and should be able to share it securely, with consent, with another provider.

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Sources

  1. European Commission — Modernising payment services and opening financial data, June 2023 ↗
همفکران فناوری شریفThis article summarises the official sources cited, prepared by the Hamfekran Fanavari Sharif team for finance leaders.
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