Definition
FIDA (Financial Data Access Regulation) is a European regulation proposed in June 2023 that extends the logic of Open Banking to all financial data.
Savings, mortgages, insurance, investment, pensions, crypto-assets: this is Open Finance, now made official at the European level. Targeted application: 2026-2027.
PSD2 vs FIDA: Open Banking vs Open Finance
- PSD2 — opens up only payment accounts (current accounts and deposits accessible online).
- FIDA — opens up everything else: motor/home/life insurance, consumer and mortgage credit, regulated savings (Livret A, PEL, LDDS), securities portfolios, pension contracts and crypto-assets.
In other words: PSD2 opened one panel of your financial life, FIDA opens the whole house.
Structural differences from PSD2
- A regulation, not a directive: directly applicable everywhere, with no transposition — more harmonization, less fragmentation.
- Business model: where PSD2 imposes free access, FIDA provides for reasonable compensation of data holders by data users.
- Sectoral schemes (Financial Data Sharing Schemes): per sector, data holders and data users negotiate the technical and economic terms.
- Granular consent: a mandatory Permission Dashboard lets users view and revoke all their data-sharing from a single screen.
The new roles
- Data Holder — the institution that holds the data (bank, insurer, broker, asset manager).
- Data User — the authorized third party that consumes it (the TPP equivalent, under the new FISP status, Financial Information Service Provider).
- Customer — the client who consents to the sharing.
What FIDA does not do
- Does not include transaction initiation on non-payment accounts: it is read-only.
- Does not replace PSD2: PSD2 (then PSD3 + PSR) remains the framework for payment accounts; FIDA adds to it.
- Is not yet in force: 2026-2027 at the earliest, and liable to slip.
- Does not apply to non-financial businesses: that is the role of the Data Act.
Indicative timeline
- June 2023 — Commission proposal.
- 2024-2025 — Parliament / Council negotiations, trilogue.
- 2025 — adoption hoped for.
- 2026 — compliance work (sectoral schemes, Data User authorization, dashboards).
- 2027-2028 — effective application.
In the PSD2 ecosystem
FIDA is the next big wave for European fintech. Players that position themselves now (insurtech, neobrokers, wealth aggregators) will gain a head start when the market opens.
Concrete examples
- Unified wealth view: Linxo Patrimoine or Finary currently have to scrape or ask for a manual import to aggregate a PEA, life-insurance policy and securities account; FIDA will give them official, instant APIs.
- Next-generation insurance comparators: LeLynx or Assurland will be able, with consent, to read the current policy (cover, deductibles, claims) for a truly personalized comparison.
- Digitalized wealth advice: Yomoni, Nalo or Ramify will automatically connect all your wrappers to optimize allocation, with no manual entry.
- Mortgage lending: a broker (Pretto, Empruntis) will pull income, savings, outstanding balances and borrower's insurance in seconds to build a complete file.
- Risk for data holders: insurers and brokers will have to invest in APIs, as banks did in 2018-2020 — a real upfront cost, but an opportunity to innovate.
- What to watch: the positions of EIOPA and the EBA on the sectoral schemes, where the economic terms will be decided.