Andreas Winde’s Post

📊 Navigating the New Era of Financial Data Regulation with Egnyte The recent Finextra article highlights a pivotal moment for the financial services sector. With evolving EU financial data access regulations, organizations are being pushed to embrace transparency and third-party data sharing while maintaining stringent security and compliance standards. However, these changes introduce complex challenges: 🔐 Data Security Risks: Broad data-sharing mandates increase the exposure of sensitive financial information. ⚙️ Operational Efficiency: Maintaining compliance while ensuring seamless operations isn't easy. 🌍 Global Standards: Financial institutions must navigate diverse compliance requirements, including GDPR and PSD2. This is where Egnyte can step in to empower financial organizations: 🔐 Secure Collaboration: With end-to-end encryption and centralized governance, Egnyte ensures sensitive data remains protected even in collaborative environments. 📝 Automated Compliance: Egnyte simplifies workflows for regulations like GDPR, reducing manual efforts while ensuring accuracy. 🗂️ Scalable Solutions: Whether you’re a startup or a multinational, Egnyte’s platform adapts to your needs without adding complexity. 💰 Cost Efficiency: By streamlining your tech stack and leveraging Egnyte’s AI tools, institutions can cut costs while improving productivity. In this evolving landscape, platforms like Egnyte are not just beneficial—they’re essential in helping shape the future of secure, compliant financial services. 👉 What are your thoughts on the challenges and opportunities these regulations bring?

On Thursday, Economic and monetary affairs MEPs adopted their proposal for a harmonised framework for access to financial data at the EU level. The framework would be established for the access of customer data processed by financial institutions across the financial sector beyond payment account data. Based on owner’s permission, their data (including holdings of savings and investments in financial instruments and insurance-based investment products as well as data collected for the purposes of carrying out a suitability and appropriateness assessment) would be made available in order to develop and provide tailor-made and data-driven financial products and services. #fida #openfinance

The European Union's proposed Financial Data Access (FiDA) Regulation is set to transform the financial landscape by promoting open finance and enhancing consumer control over personal data. While this initiative aims to foster innovation and competition, it has raised significant concerns among industry stakeholders regarding data privacy, security, and the potential impact on sector competitiveness. In a recent article, Fintech Industry Examiner delves into the complexities of FiDA, exploring both its promising benefits and the challenges it presents. The piece highlights the importance of a balanced approach to ensure that consumer protection is not compromised in the pursuit of technological advancement. For a comprehensive understanding of FiDA's implications and the ongoing debate among financial associations, read the full article here: https://lnkd.in/d6bet2Y9 We invite professionals and organizations in the financial sector to share their perspectives on this pivotal regulation. Engaging in this dialogue is crucial as we navigate the intersection of innovation and consumer protection in the evolving financial ecosystem. #OpenFinance #DataPrivacy #FinancialRegulation #Innovation #ConsumerProtection

Exciting news 🚀 Last weeks positive vote on #FIDA, at the ECON Committee in the European Parliament, is a step in the right direction for financial data safety and innovation in our sector.    At Insurely, we're thrilled to see last week vote, which aligns perfectly with our mission to empower consumers through technology. We need an upcoming framework that not only protects consumer data but also enables firms like ours to innovate and compete more effectively – ensuring proper peace-of-mind for everyone. By granting customers the power to share their financial data, we will be able to offer personalised additional financial products and services that truly meet their needs. A huge thank you to MEP Michiel Hoogeveen and his team for the hard work so far. Your commitment to transparency and innovation is paving the way for a better finance and insurance sector 👏 We look forward to the upcoming steps in the legislative process. #openfinance #openinsurance #opendata #EUFinance #Insurtech

The UK Government has published its Smart Data Road Map. Our key takeaways are: > Priority Smart Data Sectors: Banking, Finance (Pensions and Insurance), Energy & Road Fuels, Telecoms, Transport, Retail, Home Buying > Departments will progress the sectoral schemes - with the scheme implementation steps defined in the Roadmap the Roadmap sees all of the priority sectors progressing in 2024 > Existing funded projects are Open Property and Open Fuel - great to have something to cut our teeth on And there is much already under development that enables Smart Data to reach it's full potential: > 1st things 1st the DPD Bill is progressing through parliment - Section 3 is Smart Data provisions > Digital Identity - Section 2 of DPID Verification Services - currently 52 providers certified as compliant with the Digital ID Trust Framework including #Yoti #Onfido #iProov #Experian #GBGroup #Digidentity #OneID > Implementation Entity - Open Banking Ltd (formerly Open Banking Imp Entity) will be put on a long term footing to migrate it's support to Smart Data > DMCC Bill passing through parliment, creating the provisions for the CMA's Digital Marekets Unit which offers opportunities for many businesses by opening up market territories previously dominated by the Big Tech companies. Smart Data plays a huge role here providing all businesses with access to data as rich or richer than those used by the Big Tech. > And where is the Consumer in all of this - 2023 saw a 13% of digitally active consumers adoption of Open Banking, that's 1 in 7. An impressive user base already on the behaviour change journey of using Smart Data. Not a bad target market for any business to aim for. The Smart Data Roadmap is an phenominal step forward and much thanks needs to go to Gavin Starks and Kevin Hollinrake for co-chairing the Smart Data Council. Congratulations also to the Smart Data Team Siobhan Dennehy Agnieszka Scott Eleanor Stead Joseph Hartigan Amy Woy, PhD Dale Every Callum Ward . Special mention to John Fitzpatrick now at the FCA. And special mention to my fellow Smart Data Council members, and sub group members - too many to mention by name who all give up their time to progress this important agnenda for the UK Economy. Onwards

In our latest blog post we look into what FISPs are and why they're important in the Financial Data Access framework (FIDA). #FIDA is all about protecting consumers by controlling who can access their financial data. Enter FISPs: they're authorized to handle this data, making sure it stays safe and secure. Basically, FISPs are like gatekeepers for your financial info, ensuring it's handled responsibly. Understanding their role in FIDA is key to building a safer and more transparent financial world. Read our blogpost below and learn how FISPs are shaping the future of data access and consumer protection. #FinancialDataAccess #Openfinance #FISPs

Open Finance is approaching !! The Council has reached an agreement on a proposed framework for Financial Data Access (FIDA) 📊🚨🔥, marking the shift from open banking to open finance. Like in PSD2, financial institutions—including this time insurers—will be required to provide access to customer data, but only with the customer’s consent 💡🔥🤝. While this is an important step, it’s now up to the negotiations with the European Parliament 🚨🇪🇺📜. Let’s see how long those discussions take and what the final text will actually look like ⏳🔥🤔. The LHoFT - Luxembourg House of Financial Technology ABBL Spuerkeess ACA Luxembourg #FIDA

The financial world is about to be rewritten in a brand-new language for payments. 🖥️ WHAT? ISO 20022, the modernised financial messaging framework, is essentially changing the plumbing of how payments are made. Out with the old MT messages, first introduced in the 1970s, and in with the new XML format – the most significant overhaul of financial systems in more than 20 years. With new message types, data structures, and rules on how payments should be made – ISO 20022 will make sending and receiving money faster, safer, and more transparent. (But for businesses, it means a lot of changes to the way they currently work.) 🌐 WHY? Compared to even just 20 years ago, the modern business world is unrecognisable. New sectors, new technologies, new regulations, and even new crimes have all emerged since the payments infrastructure was last improved. That means there are significant gaps, inefficiencies, and bottlenecks which are all jeopardising the flow of international commerce. ISO 20022 will protect businesses and consumers from fraud, as well as improving market intelligence and driving innovation with a more futureproof financial ecosystem. 🗓️ WHEN? In the UK, the first deadline comes into force in May 2025. 📍1 May 2025: PoP & LEIs will be required for all CHAPS transactions between financial institutions, and PoP codes must be included in all property transactions. 📍1 Nov 2025: structured addresses will be encouraged and on 1 Nov 2026 will become mandatory. 📍1 Nov 2027: New data requirements will apply to all organisations initiating payments. For a full breakdown of what these deadlines mean for you, and a 10-step action plan to get ready in time, download The Practical Guide to ISO 20022. 👉 Download for free: https://okt.to/At17fm

What is Financial Data Access (#FIDA) and its connection to #AIS, #PSR, and #PSD3? 💡 Learn about the impact of FIDA on your business and how it could benefit European payments in our latest blog 👉 https://lnkd.in/dtivQXBq #OpenBanking #OpenFinance #OpenData

💡 The European payments sector has gone through great changes in the past years. Today, there is wide choice and competition between providers and solutions, which illustrates that the market is functioning well. Open Finance is the next step in this evolution towards a more vibrant payments sector and dynamic financial services ecosystem. The European Commission's Financial Data Access proposal (#FIDA) could be a key enabler of that evolution. We believe Open Finance will boost the development of financial information products and services in Europe, triggering an overall improvement in consumers’ experience and access to tailored financial solutions. Read our full position paper below  👇 Here are some key takeaways: 🔹 The European payments sector has experienced significant changes and currently offers wide choice and healthy competition among providers and solutions, indicating a well-functioning market. 🔹 Payments Europe welcomes the European Commission’s Financial Data Access (FIDA) proposal, which is expected to enhance products and services development, improve customer experience, and create more effective financial solutions. 🔹 Open Finance faces important challenges, including those related to regulatory, compliance, and security issues, and comes with a fundamental need for user education. To move the market in the right direction, FIDA should aim to strike a balance between regulating and incentivising Open Finance. 🔹 To ensure clarity for stakeholders and increased efficiency, coherence with existing regulations is crucial. This includes alignment with GDPR, the Data Act, and the Payment Services Regulation (PSR). 🔹 As the text introduces new concepts and roles, clear terminology is essential, particularly for the definition of terms such as customer data, data holder, financial information services, and data sharing obligations for regulated entities. 🔹 To ensure competition is preserved, customer experience is improved, and innovation is fostered, the interplay between data sharing requirements for Financial Information Service Providers and the Payment Services Directive’s framework for Account Information Service Providers (AISPs) should be clarified. 🔹 Moreover, cross-sector data sharing schemes should be incentivized to ensure a level-playing field for stakeholders towards the objective of establishing an open data economy.  🔹 Finally, to allow the industry to develop schemes, the implementation deadline for data sharing schemes should be extended to allow for sufficient development, testing, and implementation time. #paymentseurope #futureofpayments #digitaltransformation #payments #europe #openfinance