DECODA: Navigating Europe's New Data Access Law
Blog post from Didit
DECODA (Digital European Capability on Data Access) is a forthcoming European Union regulation designed to streamline and standardize data access across Europe for Know Your Customer (KYC) compliance and other authorized purposes. This initiative aims to create a secure, efficient, and pan-European framework to reduce KYC costs and improve compliance by introducing principles such as data minimization, purpose limitation, and enhanced data security. The regulation will be rolled out in phases, starting with a pilot phase from 2024 to 2025, involving a select group of Member States, and extending to all Member States from 2026 to 2028, initially focusing on financial institutions and later expanding to other sectors. Businesses are advised to assess and improve their current data access processes to align with DECODA’s requirements, which include implementing robust security measures, ensuring data accuracy, and maintaining transparency with individuals. Didit, a company providing identity verification solutions, is preparing for DECODA by participating in pilot programs, ensuring API integration with the DECODA infrastructure, and offering comprehensive KYC tools and compliance support to help businesses adapt to the new framework.
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