After more than two years of negotiations, the European Union’s Financial Data Access (FiDA) regulation is close to being finalized. The initiative is intended to strengthen open finance by granting third parties access to financial institutions’ customer data.

However, Big Tech firms look likely to be shut out of the framework. According to one EU diplomat cited by the Financial Times, this is one instance where the major American technology companies appear to have lost the lobbying battle.

Financial services groups have strongly pushed for their exclusion, winning backing from the European Parliament, the European Commission, and Germany. In a policy paper, Germany argued that excluding Big Tech would help foster an EU-centered digital financial ecosystem, ensure fair competition, and safeguard consumers’ digital sovereignty.

Member states and the European Parliament are expected to settle the final version of the regulation this autumn. If American technology giants are formally excluded, the move could strain transatlantic relations, particularly given past warnings from U.S. leaders about potential retaliatory trade measures in response to policies seen as discriminatory.