On 28 June, the European Commission adopted a new proposal on Financial Data Access (Open Finance). Our members welcome its ambition to leverage the data economy to enhance growth and innovation in the financial sector.

Elie Beyrouthy, EPIF Chair, commented: “This legislative proposal is a logical evolution of the open
banking framework in the Payment Services Directive. The proposal includes some learning from the PSD and rightly relies on a collaborative approach in making open finance a reality. EPIF will certainly be playing its constructive role in this regard”.

More details on our initial reactions to the Package can be found below.