![]() Similarly, Francesco Simoneschi, CEO of TrueLayer, a banking API company, says “It could be that some may use GDPR as a smokescreen to reduce the speed and scope of Open Banking."īut Simoneschi remains an optimist: “Put simply, GDPR and Open Banking compliment each other perfectly. Banks need that adaptability to meet head on a regulatory roadmap demanding more change.” “There’s a clear signal that the regulators will be setting a pace of change. “This potentially leads to a two phase contractual process in securing consent, which will slow down the process and conflict with what the regulators want to encourage, a much more open and agile, personalised financial services.” says Tooley.īut banks are too preoccupied with hitting the GDPR and PSD2 milestone when they should be focused on setting themselves up to stay compliant and be adaptable to change, says Nick White of Fiserv. “The second issue is that there isn’t a consistent definition of what constitutes sensitive payment data or, likewise, the technical standards of European authorities,” something that is likely to take some time to hash out.īut Tooley turns his attention to the immediate six months following GDPR: “The consumer request for consent is initially likely to come from a third-party provider (TTP), who in turn will need to request further consent from the bank. One of the two key issues is consent to share sensitive data with third parties,” Tooley explains. “There’s a requirement and a directive that look conflicting. Interestingly, 27% said they wanted to use GDPR requests to test a company to see if they valued their consumer rights.ĭata consent is the clear crossover between GDPR and Open Banking, though reconciling the two is certainly less clear. The Veritas 2018 GDPR Consumer Research, further found that 40% planned on exercising their GDPR in the first six months (71% right to be forgotten and 65% subject access requests), with 56% claiming that they didn’t feel comfortable having their personal data on a system they had no control over. “We wanted to get a sense of what consumers were thinking but also would they exercise their GDPR rights? Financial services was top of the list when it came to exercising GDPR rights (56% of 1000 UK adults),” says Tooley. “The reason we did this report was because we found that many organisations were focusing on GDPR for the organisation, rather than how consumers would view it,” Jason Tooley, VP, explains to bobsguide. But it has been a headache for many years in the financial services with executives scratching their heads over how to get their organisations ready for May 25. A recent Veritas report looks to shift that focus. So too does GDPR, enforced on May 25 2018, have the noble aim of consolidating a person’s control over their data, with the Information Commissioner's office in the UK pushing a proactive information campaign around the subject.ĭata privacy has recently come to occupy the mainstream and public imagination.
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