NFU launches its first take on Open Finance Framework

Today, NFU publishes its first analysis of the Open Finance Framework, challenges and opportunities. This upcoming legislative proposal was already foreseen for summer 2022, and is postponed until 2023. NFU anticipates the publication with great expecations as we see the potential for a groundbreaking new blueprint legislation on EU level, but at the same time would want to prevent a loss of confidence in the financial sector which could come with sharing financial data with third party players, such as Big Tech. The benefits and burdens of data sharing must not become a one way street and have to consider at its core consumer protection. Also, NFU sees the risk of straining finance employees even further and will do its utmost to highlight the importance of competence development and training.