Download the latest PSD2 Tracker here: https://www.pymnts.com/tracker/psd2-february-2019-tracker/
PSD2, or the Revised Payment Service Directive, is an EU Directive to regulate payment services and payment service providers throughout the European Union and European Economic Area.
To help merchants and payment service providers prepare, Ekata has collaborated with PYMNTS.com to produce the PSD2 tracker, updated each month to reflect the latest news and stories.
This month’s PSD2 tracker covers the following and more:
An interview with Didier Baclin, chief innovation officer for P2P loan service Zopa, on PSD2 in the U.K. and its effect on merchant-customer relationships
News and Trends
Most European retailer unaware of new payment regulation
Google fined $56M for GDPR noncompliance
Twitter data breach call into GDPR compliance into question
European commission recognizes Japan’s data protection system
Bulgaria passes GDPR amendments amongst data protection concerns
Social media breaches lead to data privacy changes
GDPR, Technology and the future of data
Our VP of Product, Kushal Shah, also shared what a US version of GDPR could look like:
Following the GDPR, we expect this theme of “more transparency for the user on how their data is being used and by whom” to gather momentum not just in the US, but across the globe. California is leading the way in the US with CCPA and Washington state is proposing a similar law to GDPR as well. Eventually, we expect a federal law will replace most of these state laws. In the US, however, the thing to note, is industry-specific regulations such as HIPPA, and Gramm-Leach-Billey act laws are already in place. These carve-outs for specific industries will happen and continue to have precedent. We also believe that just like in the EU, fraud prevention and similar exemptions will be carved out as well, given the interests around the use of the data are aligned between the actual data subjects and the information controller and processor entity.
To keep up with the ever-changing world of PSD2, download the February 2019 PSD2 Tracker here: https://www.pymnts.com/tracker/psd2-february-2019-tracker/