INFORMATION TECHNOLOGY
Statement by the European Data Protection Board on the Financial Data Access and Payments Package.
On 28 June 2023, the EU Commission published a legislative package (‘Financial Data Access and Payments Package - FIDAP’) of three proposals concerning payments and access to financial data:
(1) a proposal for a Financial Data Access Regulation (FIDA) Framework Regulation;
(2) a proposal for a Payment Services Regulation (PSR); and
(3) a proposal for a Payment Services Directive (PSD3).
FIDAP's common goal is to improve consumer protection and competition in the area of electronic payments, and to enable consumers to share their financial data to access a wider range of more convenient financial products and services. Following its 2023 Opinions on the various legislative proposals, the EDPB issued on 27 May a Statement highlighting the issues on which further alignment is needed between the legislative proposals (which will preferably be taken up with the new EU legislature), the guidelines adopted by the European Data Protection Supervisor, and - indeed - the various Opinions already issued by the EDPB. This is to ensure a higher level of personal data protection than that already provided by the additions made by the EU Parliament. The Statement is of particular interest because it provides further indications (in addition to those contained in the EDPB Opinions of 2023) on the processing of personal data implied by the three regulatory proposals that outline a market that will be fundamental in the coming years: that of the use of data derived from the use of financial services to build innovative apps and services.
(1) a proposal for a Financial Data Access Regulation (FIDA) Framework Regulation;
(2) a proposal for a Payment Services Regulation (PSR); and
(3) a proposal for a Payment Services Directive (PSD3).
FIDAP's common goal is to improve consumer protection and competition in the area of electronic payments, and to enable consumers to share their financial data to access a wider range of more convenient financial products and services. Following its 2023 Opinions on the various legislative proposals, the EDPB issued on 27 May a Statement highlighting the issues on which further alignment is needed between the legislative proposals (which will preferably be taken up with the new EU legislature), the guidelines adopted by the European Data Protection Supervisor, and - indeed - the various Opinions already issued by the EDPB. This is to ensure a higher level of personal data protection than that already provided by the additions made by the EU Parliament. The Statement is of particular interest because it provides further indications (in addition to those contained in the EDPB Opinions of 2023) on the processing of personal data implied by the three regulatory proposals that outline a market that will be fundamental in the coming years: that of the use of data derived from the use of financial services to build innovative apps and services.
