EUROPE

In September 2020, the European Commission issued a Communication on a Digital Finance Strategy for the EU. The Communication noted that “Open Finance can lead to better financial products, better targeted advice and improved access for consumers and greater efficiency in business-to-business transactions. Access to more customer data would also enable service providers to offer more personalised services that are better tailored to customers’ specific needs.”     

In light of this, the European Commission committed to proposing legislation on a broader Open Finance framework by mid-2022.  

OFAE strongly supports opening access to a broader range of financial accounts than those enabled by PSD2, which would allow third-party providers (TPPs) to offer more holistic and valuable services to consumers, SMEs and corporates than can currently be provided under the PSD2 access regime.