Financial data aggregation within the open finance perspective
Market and regulatory profiles

A. Burchi, S. Mezzacapo, P. Musile Tanzi, T.N. Poli, G. Quaresima, V. Troiano

FinTech No. 17 - December 2025 [PDF] (Italian version)
 

Abstract
This study analyses the phenomenon of financial data aggregation in the context of regulatory and technological developments in open finance in the European Union. Combining empirical research with legal and institutional analysis, the study explores, on the one hand, the degree of acceptance of Account Information Services (AIS) among Italian financial advisors and, on the other, the regulatory path traced by PSD2 up to the Financial Data Access and Payments Package (PSD3, PSR, FIDA). The first part, through a survey of 460 financial advisors, conducted with the support of ANASF and based on the Technology Acceptance Model (TAM), identifies the main drivers for the adoption of AIS. The results show that the propensity to use technology and the educational role played in relation to clients in the field of digital finance are key factors in the adoption of data aggregation services by financial advisors. The second part reconstructs and analyses the European framework for accessing and sharing financial data, highlighting the shift from an open banking model, limited to payment account data, to a broader perspective of multi-dimensional data sharing. The study formulates policy recommendations aimed at promoting a European financial data ecosystem that is secure and customer-value-oriented, built on the integration of technological innovation, rights protection, and user trust.

Authors
Alberto Burchi - University of Perugia, Department of Economics (alberto.burchi@unipg.it);
Simone Mezzacapo - University of Perugia, Department of Economics (simone.mezzacapo@unipg.it);
Paola Musile Tanzi - University of Milan, Department of International, Legal, Historical and Political Studies (paola.musiletanzi@unimi.it);
Tommaso Nicola Poli - CONSOB, Ufficio Analisi e Gestione del Rischio (t.poli@consob.it);
Greta Quaresima - CONSOB, Risk Analysis and Management Office (g.quaresima@consob.it);
Vincenzo Troiano - University of Perugia, Department of Economics (vincenzo.troiano@unipg.it).

We would like to thank Paola Deriu and Federico Picco for their valuable support during the drafting and review of this work. The opinions expressed in this paper are solely those of the authors and do not represent the official position of CONSOB, nor do they in any way engage the responsibility of the Institute. When citing this paper, it is therefore incorrect to attribute the arguments expressed herein to CONSOB or its senior management. Errors and inaccuracies are attributable solely to the authors.

JEL Classifications: G18, G28, H83, K23, K24, K30, O32, O33, C55.

Keywords: financial data, open banking, open finance, Financial Data Access and Payments Package, FIDA, Payment Services Directive, Payment Services Regulation, Account Information Services.