The Dutch Banking Association (the NVB) considers that data access and sharing of personal data between businesses – on the initiative of and with the explicit approval of the consumer – can and must be structured in a standardised and transparent manner.
This will ensure a competitive ecosystem for data-driven products and services for consumers.
The NVB considers that there needs to be a good balance between the various participants in the data economy – the data users and owners. This requires a new legal framework for access to and sharing of personal data, that gives individuals more control of their data that are managed by businesses and the government (the data users). For this, there will need to be a ‘Data Services Regulation’, so that data can be reused with the consumer’s approval. This would have to bring about Open Data within and between different sectors.
The data economy is an essential element in innovative products and services, and is important for future business models in the Netherlands and Europe. The importance of this is widely recognised. It has also led to new policy initiatives by both the European Commission and the Dutch government, including a European data strategy and the Dutch government’s view on data sharing between companies.
Open Finance is an important element in the Open Data debate. In the recent Fintech Action Plan1, the Minister of Finance announced that he wished to formulate a position on the European Digital Finance Strategy. Open Finance is a part of this strategy, and could lead to additional EU regulation for Open Finance. In addition, the Data Governance Act creates a Finance dataspace. As part of its PSD2 review2, the European Commission
will consider an expansion of the scope. The ambition is to introduce an Open Finance framework in 2024. A proposal for a regulatory framework will follow in the summer of 2022.
The Dutch banks want to actively contribute to the formulation of this initiative. The sector is accordingly putting forward some proposals for how we believe Open Data and Open Finance can be created in a European context. We hope this will contribute to the debate on Open Data and Open Finance in both the Netherlands and Europe in the coming period.
Dutch Banking Federation
© NVB
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