Tag Archives for " PSD2 "

‘Legitimate interest’ may permit processing of ‘silent party data’ under PSD2

Businesses in the payment services market do not necessarily need the consent of ‘silent parties’ to process their personal data when providing payment initiation or account information services to their customers, the European Data Protection Board (EDPB) has said.

Source: ‘Legitimate interest’ may permit processing of ‘silent party data’ under PSD2

Overlap Between the GDPR and PSD2

The EU Payment Services Directive (PSD2), which took effect on January 13, 2018, puts an obligation on banks to give Third Party Providers (TPPs) access to a customer’s payment account data, provided the customer expressly consents to such disclosure. The new legislation is intended to improve competition and innovation in the EU market for payment services.

The General Data Protection Regulation (GDPR), which is due to take effect from May 25, 2018, enhances individuals’ rights when it comes to protecting their personal data. The interaction between PSD2, aimed at increasing the seamless sharing of data, and the GDPR, aimed at regulating such sharing, raises complicated compliance concerns.

Source: Overlap Between the GDPR and PSD2 | Inside Privacy

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