Independent wealth managers have long faced the same structural problem: unreliable, incomplete and slow data interfaces with custodian banks. Holdings arrive in different formats. Corporate actions require manual interpretation. Transaction data lacks consistency. True, usable APIs exist in theory, but rarely in daily operations.
This gap explains why an entire parallel industry has emerged. Instead of clean interfaces, many portfolio management systems still rely on readable PDFs. Statements are extracted, interpreted and rebuilt into data structures that should have come directly from custodians. It works, but it is inefficient and fragile.
Financial Data Access Regulation (FiDA) and Open Finance
The Financial Data Access Regulation (FiDA) is an EU proposal designed to extend Open Banking towards Open Finance. Unlike PSD2, which focused primarily on payment accounts, FiDA explicitly addresses broader financial data categories, including investment products and financial instruments — subject to client consent and defined access rules.
For context on the structural differences between traditional banking models and evolving infrastructure, see open architecture in wealth management.
Will FiDA immediately fix custodian interfaces? No. It remains a proposal. Even once adopted, implementation timelines will be extended. The real outcome will depend on how data categories are defined, which technical standards are chosen and how consistently institutions comply.
From Operational Detail to Infrastructure Question
However, the Financial Data Access Regulation (FiDA) changes something fundamental. It acknowledges at regulatory level that investment data access is an infrastructure issue, not merely an operational detail.
This shift aligns with broader discussions around transaction processing banks for independent wealth managers and the structural evolution of the industry.
APIs are no longer optional service features. They are gradually moving closer to expected market infrastructure. This mirrors developments seen in WealthTech and AI in independent wealth management, where data quality defines competitiveness.
For independent wealth managers, the Financial Data Access Regulation (FiDA) is not a promise of immediate relief. But unlike PSD2, it directly addresses the investment data problem we face daily.
Moving from document-based processes to reliable, structured data will take time. Yet for the first time, the regulatory direction feels aligned with operational reality.
Source: https://vapa.ch/financial-data-access-regulation-fida-wealth-management/ · vapa.ch
