Financial and Payment Services

27 september 2023

The EDPS published two Opinionsone on the proposal for a Regulation on a Financial Data Access Framework and one on the proposal for a Regulation and Directive on payment services in the EU’s internal market. Both proposals aim to foster the sharing of data to broaden the offer of financial services and products, whilst providing individuals or organisations control over the processing of their financial data.

According to the Proposals, individuals and organisations would manage access to their financial data using dashboards provided by financial institutions. This would allow individuals concerned to monitor, restrict or grant access to their information. The EDPS highlights that, to achieve this objective, individuals or organisations should be provided with complete, accurate and clear information on the provider of the financial service requesting access to their data. Information on the type of product, payment or service for which an individual’s personal data would be used and the types of data requested should also be communicated.

The EDPS welcomes the efforts made to ensure the Proposals’ consistency with the General Data Protection Regulation (GDPR)

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