Beyond PSD3 : A boundless future for Open Banking Of course , PSD3 only applies to payments , and other initiatives like Financial Data Access ( FIDA ) look set to broaden the range of the EU ’ s work to accelerate a continent-wide shift to Open Banking , by applying similar guidelines to insurance , investments and savings industries .
Willaert notes : “ FIDA will bring new opportunities for the whole financial ecosystem ; opening access to a wider range of financial data , improving consumer protection , innovation and competition in financial services .
“ While there are tremendous opportunities in terms of a framework , we need innovators to create the new products and services and we also need consumer trust in the safety , security and value of this new technology to help fuel it .
“ It ’ s taken years for payments account data to be ready for widespread product and service value-add . So , we must work together to create the early use cases and build from there .
“ The real value will be found in the cross-vertical use cases ; a loan plus insurance plus payment , for example ,
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