The European Third Party Providers Association, alongside a group of European and national fintech and payments associations, sent a joint letter to EU policymakers supporting the European Commission’s proposed Regulation on Financial Data Access (FIDA) and responding to the Commission’s simplification non-paper intended to inform trilogue negotiations. The group endorses streamlining measures it sees as facilitating open finance, while opposing changes that would materially reduce the regulation’s scope or hard-wire prescriptive technical requirements. On substance, the letter supports alignment with the Payment Services Regulation and Payment Services Directive 3 (PSR/PSD3), including a simplified pathway for Account Information Service Providers (AISPs), and favours keeping occupational pension schemes and “relevant insurance undertakings” within scope. It urges co-legislators to retain “large corporates” within the definition of customer, avoid excluding credit rating agencies, and ensure any historical data limitation remains consistent with what customers can access (noting the Commission’s proposal of a 10-year limit). For implementation, it argues against EU standards for minimum API functionality in favour of market-led schemes, with regulatory intervention only if stakeholders fail to reach consensus. The group also calls for deletion of Article 13 on legal representatives, stating Financial Information Service Providers (FISPs) should be domiciled and substantially active in Europe, and proposes obliging data holders to provide at least one always-available online or mobile customer interface, while using language that distinguishes “data re-use” and “data access” from “data sharing”. The associations ask that these targeted adjustments, with particular focus on Articles 1–4, be reflected in the trilogue redrafting of FIDA.
European Third Party Providers Association 2025-06-16
European Third Party Providers Association calls for targeted simplification of the EU Financial Data Access Regulation without narrowing scope or mandating EU API standards
The European Third Party Providers Association and other fintech groups sent a joint letter to EU policymakers supporting the European Commission’s proposed Regulation on Financial Data Access (FIDA). They endorse open finance measures but oppose reducing the regulation’s scope or imposing prescriptive technical requirements. The letter advocates alignment with the Payment Services Regulation and Payment Services Directive 3, retention of certain entities within scope, and market-led API functionality standards.