Exploring open finance use cases in the EU
Blog post from Plaid
The European Union aims to further develop an open finance ecosystem, enabling consumers and businesses to share their financial data with authorized third-party providers (TPPs) under explicit consent or lawful basis. Open finance has the potential to enhance business and individual consumers' ability to understand their financial situation, identify suitable products, and benefit from increased competition between providers. To achieve this, the European Commission should create a cross-cutting consumer data right, establish a clear liability framework, broaden the scope of TPP licenses, and let the market build open finance infrastructure, including integrating digital tools for consent management.
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