What is Open Finance?

Open Finance is the term used to describe the technological transformation of financial services and builds on the principles of Open Banking, expanding data access beyond just bank accounts to the full range of financial products and services.

With regulation set to go live by 2027 (FiDA in the EU & The Data use and access Bill in the UK), Financial Institutions will be required to enable real- time access to individual and business consumer data. This marks the most transformative shift the industry has seen.

Under FiDA, The Permissions Dashboard mandates that consumers have access to manage, view, monitor, share and revoke access to their data in real time through APIs and a secure, client centric interface.

Firms will only have 18 months from the date of announcement to create a solution or appoint a Financial Information Service Provider (FISP).