Open finance framework – enabling data sharing and third party access in the financial sector

The European Commission has launched a Call for Evidence and a Public Consultation linked to its work on an open finance framework. 

The EU Digital Finance Strategy announced a proposal on open finance, which refers to the access and reuse of customer data, with consent, across a range of financial services.

This initiative aims to enable data sharing and third party access for a wide range of financial sectors and products, in line with data protection and consumer protection rules. It is based on the principle that financial services customers own and control the data they supply and the data created on their behalf.