On 18 April 2024, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee had adopted a report on the proposed Regulation on a framework for financial data access (FIDA). MEPs approved the report with 43 votes to 1 and 5 abstentions. The file will be followed up by the new European Parliament after the 6-9 June European elections.

The FIDA proposal seeks to enable consumers and firms to control access more efficiently to their financial data beyond payments thereby allowing them to benefit from financial products and services that are tailored to meet their needs while keeping in check associated risks. This represents a shift from open banking with the revised Payment Services Directive towards open finance that should also promote digital transformation and speed up the adoption of data-driven business models in the EU financial sector.