The report on open finance published Oct 24th 2022, describes elements of an open finance ecosystem as seen from the perspective of the expert group on the european financial data space.
The expert group was set up by the European Commission in June 2021 with a mandate to provide advice and expertise to DG Financial Stability, Financial Services and Capital Markets Union (FISMA) in relation to the preparation of legislative proposals and policy initiatives in the field of data sharing in the financial sector, to further the establishment of a common financial data space in the EU, and to assess the need for any interaction with other data spaces and data-sharing beyond the financial sector.
The report presents a selection of customer journeys and related business requirements in relation to a first set of use cases on data sharing and reuse.
The comprehensive report contains key elements of open finance ecosystem as seen by the expert group and sets out some findings in that respect:
- Data accessibility and data availability
- Data protection and consumer protection issues
- Data standardisation
- Liability issues
- Level playing field and cost of data access
- Key actors and success criteria for open finance
To inform this analysis and illustrate the challenges and opportunities of open finance, the group has carried out an assessment of open finance use cases:
- Mortgage Use case
- SME financing / creditworthiness
- Open investment data and financial advisory
- Energy, sustainability, and climate data
Sharing of in-vehicle data
Source: finance.ec.europa.eu
