FIDA implementation creates new technology requirements for banks Financial institutions face a tight implementation timeline . The current draft gives them a minimum of 24-months after the regulation is finalised to implement real-time API access to product information . The regulation is anticipated to be approved in the second quarter of 2025 , followed by the above-mentioned 24-month transition period ( longer periods for certain products apply ), leading to an initial compliance deadline in the second half of 2027 . However , this timeline might be subject to change based on the legislative process within EU institutions .
“ The current draft anticipates a first transition period of 24-months following the regulation ’ s approval by European governments ,” explains Chris . “ If approval occurs as expected in the second quarter of 2025 , organisations will only have two years to implement real-time API access to product information .”
The regulation introduces new roles in the financial data ecosystem . Data holders – e . g ., banks , insurers and asset managers – must share customer information with data users – licensed third parties who have obtained customer consent . This , Chris highlights , creates opportunities for FinTech companies to aggregate data across providers and build new services .
8 January 2025