EPIF is delighted to share with you its position paper on the Financial Data Access proposal.

We very much welcome the European Commission’s ambition to create a new market-driven, scheme-based framework that leverages a data-driven economy and promotes innovation and competition across the financial sector.

In the payments space, the Open Banking provisions have led to the emergence of new payment solutions for consumers. EPIF therefore sees benefits in extending this approach to the entire financial sector.

While we welcome this innovative and enabling proposal, we see merit in having further clarifications and improvements in a number of elements of the proposal. These are related to the scope, the provisions on the set up and functioning of financial data sharing schemes and the interplay between the new Financial Information Service Providers (FISPs) and Account Information Service Providers (AISPs).

Our more detailed views can be found in our position paper below.