Finance
EU Plans to Make Banks Share Customer Data in Return for Payment
- Proposal aims to boost digital financial services in the bloc
- Data holders would be paid by fintechs, according to draft
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The European Union’s executive arm will propose making banks, insurers and funds share customer data with fintechs in return for payment to spur the development of digital finance in the bloc.
The European Commission will outline the creation of financial data-sharing programs that bring together data holders, data users and consumer organizations, according to a Financial Data Access draft proposal seen by Bloomberg. These would develop technical standards, governance rules, compensation, liability, and dispute resolution to ensure safe data access.