During the keynote, the dialogue participants had the opportunity to ask questions about FiDA. There were over 40 questions that were posted during the session. The wider topics that emerged were the following:
Timeline and implementation –Participants wanted to know what is the expected timeline of the financial data access regulation, especially considering that a trilogue is currently on-going. Some also wondered what will be the expected geographical scope of future schemes, and whether the data scope will be critically reassessed during the trilogue.
Data access and authentication –Questions under this topic where regarding data ownership or data-holder status in specific cases, regarding the customer authentication responsibility of FISPs; how right to data access should be validated by data holders; whether regulated AISPs will automatically be granted a license to operate as a FISP, etc.
Data scope and quality – This was the topic that featured the largest number of questions by FiDA Open Finance dialogue participants. Are contracts that haven’t been signed yet within the scope?; Is KYC data also within scope?; Where to draw the line between the data where the customer is the data owner, and data that the financial institution owns?– these were some of the questions the event participants had.
Standardization and fragmentation – FiDA Open Finance dialogue participants had questions about how to promote standardization of customer data and technical interfaces; how do decrease possible future fragmentation of standards; and how to ensure a harmonized approach regarding technical standards for different product data.
Risks and challenges – The risks that are exemplified by the questions of the participants are market dominance by (already) big players and lack of trust by the data owners. Participants also sought after a list of risks currently identified by the EU commission.
Industry involvement and simplification – Participants were interested in knowing which regulation simplifications are most likely to be discussed during the trilogue, whether certain corporates would be left out of scope, and whether the implementation would most likely occur in phases.
Technical and legal aspects – The questions under this topic concerned the different definitions of data that organizations may have, and whether FiDA is still in the pending legislation category despite the on-going trilogue.
Much is still open when FiDA data schemes, technical standards and implementation timelines are concerned, and we look forward to the updates from the EU commission during the coming months. We look forward to tackling many of the above-topics during future FiDA Open Finance dialogue events.