FFI welcomes EU-level outlines for
financial sector digitalisation
- The European Commission’s Digital Finance Package outlines goals for digitalisation in the financial services sector. The strategic priorities of the package are removing fragmentation in the digital single market, facilitating financial innovation, promoting data-driven finance, and addressing the challenges and risks with digital transformation.
- The EU digital single market needs a uniform set of rules, which must be even-handed, consistent and enduring. It is important that the regulatory treatment of new participants entering the market is equal to that of traditional financial companies.
- Many of the elements in the EU digital finance strategy concern enhanced access to customer data. The Commission proposes, for example, that third parties would be granted more extensive access to financial sector data also in other financial sector services and products than the ones now lined out in the PSD2. Real-time access to public and regulated financial data is also planned.
- The Commission also intends to offer digital tools to facilitate financial sector supervision and reporting.