Building on PSD2, the GDPR and the (draft) Data Act, customers should be able to instruct their financial service provider(s) to disclose their customer data to other companies. To this end, the European Commission has published the Draft Framework for Financial Data Access.
Emanuel van Praag – attorney at law and Professor of Financial Technology and Law - and Joris van Horzen – attorney at law and Partner Banking & Finance - outline the main changes and implications of this proposal for 'Open Finance'. Download the practical factsheet outlining the main changes and implications:
- Which customer data must be made available;
- Who can request / obtain the data;
- How data sharing works in practice (as far as known);
- What governance requirements apply to the schemes;
- Why the data will not be available for free;
- The relationship with PSD2 and payment account data;
- What privacy issues are involved.
Curious about all the changes? Download our factsheet here. Do you have any further enquiries? Don’t hesitate to contact Emanuel or Joris directly.
Want to know more about PSD3? View the factsheet on the proposal for the third Payment Services Directive here.
