The Commission recognises that there is a trend towards greater use of data and data sharing. This was recognised in the data Strategy for Europe, and the commission has been targeting it since 2020. An open finance framework should be based on the principle of a level playing field for existing and new entrants and subject to data protection rules and clear security safeguards.
“Open finance refers to third-party service providers’ access to (business and consumer) customer data held by financial sector intermediaries and other data holders to provide a wide range of financial and information services.”
Regulations like PSD2 and GDPR foresee access to data, but not to its fullest. This targeted consultation aims to gather evidence and stakeholder views on various aspects of the state of play, further development of open finance in the EU, and adequate customer protection. The consultation also covers the access to supervisory data for research, innovation and risk monitoring or compliance improvements while keeping the data confidential.
The consultation does not attempt to establish a complete taxonomy of the use cases. The Commission’s objectives are to promote safe retail investment and SME access to finance.