European Third Party Providers Association urges EU co-legislators to preserve the Framework for Financial Data Access

The European Third Party Providers Association, alongside a coalition of European fintech and payments industry bodies, sent a letter to COREPER II and key EU policymakers opposing calls to scrap, delay, or weaken the Framework for Financial Data Access (FIDA). The group argues that FIDA is central to an EU-wide open finance model that enables secure, customer-permissioned access to both individual and business customer data, strengthening competition and supporting data portability across financial products. The letter sets out preferred “simplification” priorities, including retaining a demand-driven approach and requiring every data holder to provide at least one always-on digital interface (online or mobile, preferably API-based) for customers to access data directly or via authorised trusted third parties. It urges co-legislators to keep FIDA’s scope broad, resisting exclusions such as “large corporates” and maintaining online access to all data categories already available to customers in any form, with historical data limits aligned to what customers can already access. On privacy, security, and fraud, it calls for stronger safeguards and standards rather than restricting scope or delaying implementation, pointing to mechanisms such as review clauses and phased rollouts. Ahead of upcoming trilogue negotiations, the coalition asks the Council, Parliament, and Commission to focus on implementation and safeguards rather than abandoning or materially diminishing FIDA, and signals readiness to support workable solutions.