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On 28 June 2023, the European Commission issued a proposal for a regulation that aims to establish a framework for financial data access while amending existing regulations as part of the review of the Second Payment Services Directive (PSD2). The proposal aims to foster data-driven financial services by allowing individuals and businesses to control access to their financial data. Further, the proposal seeks to resolve challenges including a lack of data-sharing rules, unclear governance, and non-standardised infrastructure. The general objective of the proposal is to improve economic outcomes for financial services customers and financial sector firms by promoting digital transformation and the adoption of data-driven business models in the EU financial sector.
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