On 4 December 2024, the Council of the EU issued a press release stating that it had reached agreement on the proposed framework for Financia Data Access (FIDA) that aims to open the access of financial institutions to each other’s customer data. The FIDA framework complements the proposed Payment Services Regulation by covering access to financial data other than payment account data.
Next steps
With this agreement, the Council is ready to negotiate the final shape of the legislation with the European Parliament. Once an agreement has been found, both institutions would have to formally adopt the new legislation before it would be published on the EU’s Official Journal and enter into force.