Finance

Data is crucial in the financial sector. The data generated, either publicly disclosed or business-specific, remains unused and stored in legacy systems and data silos. Data is not easily accessible for informed decision-making. Regulatory requirements further demand that financial institutions comply with external regulations and internal policies. The rapid proliferation of data and evolving regulations complicate data retention and privacy rule compliance, especially with disparate systems lacking governance. Another significant challenge is maintaining data integrity and quality, with multiple data sources potentially providing outdated or conflicting information, leading to defective analysis. Data spaces can help address these challenges and serve to interconnect various information sources and link data silos.

The EU Commission has unveiled the new Financial Data Access (FIDA) framework. This flagship initiative will set the tone for open finance and be part of the EU Digital Finance strategy. This will grant data owners the right to authorise third parties to access their data held by financial institutions. With an extensive scope within the financial sector, this will help establish open finance.

The iSHARE Foundation supports open finance. It provides businesses with open-source components and expertise in data space governance, reducing data silos and improving adherence to regulations. Through the Trust Framework, institutions across the finance sector can implement FIDA integrate data silos, and collaborate effectively while maintaining compliance for sustainable business growth.

Discover how organisations in the financial sector can potentially benefit from the implementation of the iSHARE Trust Framework.