Course Curriculum
WHAT WILL YOU LEARN?
This course provides a comprehensive understanding of the evolving Open Finance landscape, with a focus on the implications of the FIDA regulation for the financial services sector. It equips you to::
– Master the key principles and requirements of FIDA.
– Clearly identify the scope and subject matter of FIDA, including data categories, data holders, and data users.
– Understand the function and structure of Financial Data Sharing Schemes and learn how to establish one.
– Explore the technical aspects of FIDA, such as API standardization and data security best practices.
– Recognize and mitigate potential risks associated with FIDA, including data privacy breaches and market concentration.
– Analyze the impact of FIDA on the EU Open Finance market and identify key considerations for successful implementation.
– Critically evaluate alternative scenarios for Open Finance, including market-driven solutions, in the event that FIDA is not implemented.
COURSE FEATURES
Duration: Approximately 10 hours.
Prerequisites: None.
Materials: Downloadable resources including course summaries, further reading, and practical guides.
Assessment: Module-end quizzes and a final comprehensive assessment.
Certification: Certificate of completion awarded upon successful completion.
COURSE TOPICS
The curriculum offers a comprehensive overview of the Open Finance landscape, with a focus on the FIDA regulation, covering the following key topics::
Introduction to FIDA and Open Finance
- Background and Legislation Process
- The European Strategy for Data
- PSD2 and its impact on FIDA
- Open Finance and Open Insurance Considerations
Scope and Subject Matter of FIDA
- Categories of Customer Data
- Data Holders and Data Users
- Obligation to Make Data Available to the Customer
Financial Data Sharing Schemes
- Requirements for Schemes
- The SEPA Payments Account Access (SPAA) Scheme
- How to Create a Scheme
- Scheme Related Risks
Standardisation and Other Technical Aspects
- API Standardisation
- The Berlin Group Open Finance Framework
- Open Insurance Standards
- Other Ways to Access Data
Other Provisions
- Financial Information Service Providers
- Role of Competent Authorities
- Cross-border Aspects
- Implementation Timeline
Market Consequences and Risks
- Impact on the EU Open Finance Market
- Overview of FIDA's Risks
Open Finance: Alternative Scenarios, Open Finance without FIDA: This crucial section explores potential scenarios if FIDA is not implemented, examining
- Market-driven solutions: Bilateral agreements, industry consortia, and voluntary standards.
- Challenges and risks: Fragmentation, inconsistent practices, consumer protection concerns, and anti-competitive behavior.
- Comparative analysis: Contrasting the expected landscape under FIDA with a potential non-FIDA scenario, highlighting key differences and implications for stakeholders. This comparison will help you understand the value proposition of FIDA while also considering alternative paths and preparing for any potential outcome.