What technical standards will be used for data access under FIDA?

The technical standards for data access under FIDA are still under development by the European Commission (EC). However, here’s what we know so far:

Types of Standards:

  • API Standards: These will define technical specifications for Application Programming Interfaces (APIs) that financial institutions must use to provide secure and standardized data access to TPPs. This ensures consistent communication and data exchange across different institutions and TPPs.
  • Data Security Standards: These will outline technical measures for secure data transfer, storage, and access. This includes encryption protocols, authentication mechanisms, and logging practices to ensure data integrity and prevent unauthorized access.
  • Data Format Standards: These will define common data formats for sharing financial data between institutions and TPPs. This ensures data can be easily understood and processed by different systems, promoting interoperability within the Open Insurance ecosystem.

Timeline and Process:

  • The EC published a public consultation on technical standards in 2023, collecting feedback from stakeholders.
  • Based on this feedback, the EC will draft the technical standards and submit them for endorsement by the European Banking Authority (EBA).
  • The final standards are expected to be adopted by the end of 2024 or early 2025.

Current Considerations:

  • The EC is focusing on open standards already in use within the financial sector, such as PSD2 APIs and Common Ground standards.
  • The standards will strive for a balance between security, efficiency, and flexibility to accommodate future innovations.
  • Interoperability across different EU member states is a key objective to ensure a level playing field for TPPs and avoid fragmentation.

Additional Resources:

Remember, the technical standards are still evolving. Keep an eye on the resources mentioned above for updates and further details as they become available.