Consultation on Open Finance: defending the financial sector’s position to the European Commission

Data sharing and open finance are now a reality, and have the potential to revolutionise the banking experience through better knowledge of customers’ needs. The European Commission has now launched a consultation on this issue, for which the ABBL is working with its members to define a common position and give a better understanding of the impacts of the future implementation.

The consultation questionnaire includes some key questions for the financial sector:

• New data access rights and for what products
• Possible compensation for data sharing and the establishment of a level playing field
• Possible introduction of standards for technical infrastructure
• Regulation and supervision of open financial information services
• Customer protection, including consent management
• Potential role of non-financial data
• Interaction with data protection rules
• Liability issues

Options considered by the Commission at this stage include

• Promoting market-oriented standardisation to remove technical barriers to data re-use, without introducing new data access rights.
• Introducing new rights of access to data, but in a limited number of areas. For example, for savings and securities accounts.
• Establishing access rights to customer data across the financial sector, in line with the Data Act proposal.

The deadline for responses to the consultation is 5 July. The policy orientation chosen will take into account the responses and discussions. The Commission is expected to present its orientations and possible proposals in late 2022/early 2023.

As a member of the ABBL, you are welcome to share your views on this important issue with the ABBL!