OPEN-FINANCE-EU

Open Finance EU open data / decentralized identity standard.

Definition

Open Finance EU refers to EU broader vision extending Open Banking to Open Finance via FIDA (Financial Data Access) Regulation proposed June 2023 by European Commission (in EU legislative process 2024-2025 + adoption expected 2025-2026), enabling consumers + businesses to authorize fintech + financial firms access broader range financial data via standardized APIs (savings + investments + insurance + mortgages + credit + pensions + multiple beyond PSD2 payment accounts scope), foundational future European financial services ecosystem digitalisation. Standard + framework specifications detail interoperability + identity + privacy + data sharing + open APIs + multi-stakeholder governance + ecosystem adoption industry verticals (banking + finance + health + insurance + energy) + alignment regulations EU PSD2 + GDPR + FAPI + UK Open Banking Standard + multiple national implementations 2010s-2024+.

Origin

FIDA EU Commission proposal juin 2023 ; in EU legislative process 2024-2025 ; adoption attendue 2025-2026 ; ~3-year transition period post-adoption typical EU regulations.

Example in context

European consumer wants comprehensive financial dashboard aggregating all bank accounts + credit cards + investments + mortgage + pension + insurance policies + savings: Open Finance EU FIDA Regulation 2026+ enables fintech aggregator (e.g., Bud + Tink + Yodlee + multiple) access all this data with customer consent via standardized APIs + provides personalized financial dashboard + advice + product comparisons, much broader Open Finance ecosystem vs PSD2 limited payment accounts scope.

Related terms

• Open Banking NextGen — complementary regulation package.