AFME comments on EU Financial Data Access and Payment Services Policy Proposals

AFME has provided its perspective on the EC’s legislative proposals on FIDA and Payment Services (review of the PSD and the new PSR) (eventid=21815). AFME sees these proposals as opportunities for the financial services sector to access new data sets, drive innovation, and enhance the efficiency of the payments system.
AFME emphasizes the importance of reasonable compensation for data within the FIDA framework. They believe that fair allocation of costs and safeguarding competition can be achieved through proper compensation. AFME expresses the view that compensation should have been introduced in the proposed modifications of the PSD and the new PSR.
However, AFME acknowledges the risks of data sharing with dominant players in other sectors, leading to the creation of monopolies and exploitation of data. In response, AFME outlines four key principles to guide the development of a robust FIDA framework and an enhanced payments services system:
1. AFME emphasizes the need for a level playing field in the EU data economy, extending data sharing obligations to all participants to ensure fair competition.
2. AFME supports interoperability and appropriate standardization, both within EU member states and globally, to ensure high-quality and suitable data sharing.
3. AFME advocates for an appropriate framework for compensation in both the FIDA and PSD/PSR proposals to incentivize data holders, promote data reliability, and maintain accurate end products.
4. AFME welcomes clear liability provisions to provide legal clarity regarding data access, processing, sharing, and storage. They also support contractual agreements to address specific use cases or scenarios.
AFME believes that adhering to these principles will lead to flexible and future-proof regulations that enhance the competitiveness and growth of the EU. They also emphasize the need to consider the global context of digitization to ensure openness to global innovation, standards, and markets.