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80% of UK companies face “major challenges” for GDPR compliance
The race against time has already begun: the new GDPR (General Data Protection Regulations), defined in 2015 to strengthen consumer protection at European level, will come into effect as early as 25th May 2018. Non-compliance with the GDPR will result in severe financial penalties. These are part of a general policy in the European community [...]
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EU launches Bank industry anti-trust probe into bank data sharing
As the European Union prepares to usher in new data-sharing rules for banks and financial institutions, antitrust authorities are probing whether the banking industry is preventing rival FinTech services from accessing customers’ accounts. EU officials carried out unannounced inspections on Oct. 3 in “a few” countries amid suspicions that “companies involved and/or banking associations representing [...]
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Lack of trust in Third-Party Providers as Open Banking rolls out across Europe
Less than six months before the Revised Payments Service Directive (PSD2) makes Open Banking a reality across Europe, research from Accenture has found that two-thirds of consumers in the UK said they won’t share their personal financial data with third-party providers, giving banks the opportunity to benefit from the trust they have built with their [...]
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Banking and financial services: New technology solves GDPR
Data privacy is driving the European Union’s General Data Protection Regulations (GDPR) in the UK, and yet it’s widely felt that banks and other financial services institutions have run out of time to find ways to comply with the requirements. Looming on the horizon for failing to comply is a dark cloud of significant financial penalties. [...]
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Webinar: PSD2 and Europe’s Open Banking Mandate – Challenges for Banks and FinTechs
The adoption of the revised Payment Services Directive (PSD2) is formalising the relationship between Banks and FinTechs by establishing Open Banking, providing open access to customer account data and the payments infrastructure. This is expected to stimulate the FinTech market to develop new integrated service models for both consumer and business customers. This regulation is [...]
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