FIDA — the Financial Data Access regulation — is the sibling proposal that didn’t make it across the finish line alongside PSD3. It was tabled at the same time, went through its first trilogue round in April 2025, and as of early 2026 is still being negotiated, with the European Parliament’s ECON committee working through its position. Formal adoption is plausible sometime in 2026, but the operational timeline is genuinely fuzzy: current estimates put the first wave of covered products — consumer credit, accounts, savings, car insurance — going live somewhere between 2027 and 2029, with the full picture (investments, pensions, mortgages) rolling out potentially as late as 2030.
What it actually does
Where PSD2 and PSD3 cover payment accounts, FIDA is the regulation that turns “open banking” into “open finance.” It gives customers the right to have their financial data — savings, investments, pensions, insurance, mortgages — shared with authorised third parties through standardised interfaces, via what the regulation calls Financial Data Sharing Schemes. Data holders (banks, insurers, asset managers) will need permission dashboards so customers can see and revoke who has access to what. There’s also an unresolved fight over how — and whether — data holders get compensated for making that data available, and how far large tech platforms get to participate in the ecosystem.
Why builders shouldn’t wait for the final text
The temptation with a regulation still in trilogue is to shelve it until it’s settled. That’s a mistake for two reasons. First, the core architectural challenge — standardised, permissioned, auditable data-sharing APIs across product lines that were never designed to talk to each other — isn’t going to change regardless of the final legal wording. Second, the schemes that will define the actual technical standards (the “how,” as opposed to the “what”) are industry-led and moving now, in parallel with the political process. If you wait for the Official Journal, you’re waiting to start on the easy 20% of the work and skipping the hard 80%.
At Maxcode, most of our clients are already living this problem in miniature: they’ve integrated one product’s data with one partner’s API, and now need to generalise that into a data-sharing layer that can flex across savings, credit, insurance, and whatever product line launches next quarter. That’s a platform architecture question — permission models, consent lifecycles, API versioning, data mapping across legacy cores — long before it’s a compliance question. We’ve spent two decades building custom APIs and integrating third parties for clients in highly regulated fintech environments, and we’re mindful of exactly this kind of regulatory pattern: FIDA doesn’t need to be solved by legal alone, it needs senior engineers who translate an unfinished regulation into a resilient roadmap. Start building the plumbing now, with a dedicated team that adjusts the design as the text lands — that’s how compliance becomes an accelerant instead of a bottleneck.
If FIDA is something you’re already trying to plan around, that’s exactly the conversation we have every day. Get in touch with the Maxcode team and let’s scope out what it actually takes to build for it.
This content is provided for general informational purposes and reflects the regulatory landscape as understood in July 2026. It does not constitute legal advice. Organisations should consult qualified legal counsel to assess how these regulations apply to their specific situation.
