Tag Archives for " FinTech "

GDPR makes demands that only robots can fulfil in the financial sector

Financial sector regulation may be necessary, but fulfilling its administrative requirements can become hugely costly without the power of automation.

In their own ways, banks and other financial institutions have managed to cope with the varying regulatory burdens imposed over the last decade. Yet the imminent arrival of the European Union’s General Data Protection Regulation (GDPR), which comes into force on 25 May; calls for more innovative approaches, given its scale and reach

Source: GDPR makes demands that only robots can fulfil in the financial sector

Swedes Voice Data Fears After Facebook Scandal, Targeting Banks

In one of the world’s most digitally advanced corners, consumer groups are now demanding much better data protections against the financial industry.

“The big issue is privacy,” Jan Bertoft, the head of the Swedish Consumers’ Association, said in an interview. Right now, it even overshadows risks like “getting cheated and losing money,” he said.

Source: Swedes Voice Data Fears After Facebook Scandal, Targeting Banks – Bloomberg

RBC launches data sharing portal for app developers in step towards open banking

Royal Bank is opening up select bits of its data to external software developers in a bid to foster innovation and create new tools for consumers.

The bank said that it will allow eligible external developers and clients to access some RBC banking data to build and test banking-related applications.

Source: RBC launches data sharing portal for app developers in step towards open banking | Financial Post

EU regulators provide guidance for digital ‘on-boarding’ by financial firms

Financial firms should consider requiring customers to provide proof of identity from documentation containing “high security features or biometric data”, such as passports, to ensure that digital-only ‘on boarding’ processes comply with anti-money laundering rules, EU regulators have said.

Source: EU regulators provide guidance for digital ‘on-boarding’ by financial firms

Tech Talk: States Take On Privacy; Realizing the Potential of Fintech

CDT’s Tech Talk is a podcast where we dish on tech and Internet policy, while also explaining what these policies mean to our daily lives. You can find Tech Talk on SoundCloud , iTunes , and Google Play . This episode is all about privacy and data First we take a look at how states are filling the void when it comes to shaping pro-privacy policies for internet users.

Source: Tech Talk: States Take On Privacy; Realizing the Potential of Fintech

ICO: Open banking ‘a key way’ for banks to meet data portability duties under the GDPR

The adoption of open banking could help payment service providers (PSPs) meet their obligations under new EU data protection laws, the UK’s Information Commissioner’s Office (ICO) has said.

Source: ICO: Open banking ‘a key way’ for banks to meet data portability duties under the GDPR

New Privacy-Protecting Identity Platform announced

LuxTrust S.A., the leading European Trust Services Provider, and Cambridge Blockchain LLC, the Massachusetts-based pioneer in digital identity enterprise software, today announced the development of a new privacy-protecting European identity platform. The platform will offer businesses and consumers a trusted environment to exchange and manage personal data online, in full compliance with strict data privacy rules such as the European General Data Protection Regulation (GDPR).

Source: LuxTrust and Cambridge Blockchain Announce Privacy-Protecting Identity Platform | news.sys-con.com

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