2018 has been rightly dubbed as the “Year of PSD2 and GDPR” when these two major regulations will go live in Europe Union at approximately same period.
At first glance, these seem like two different regulations, with some crossover, as both the regulations have similar features. However, according to legal experts these two regulations are set on a collision course as they are also conflicting with each other and could create confusion among banks and other entities. On one hand PSD2 is focussed on driving competition between the payment providers by opening up their APIs allowing Third Party Providers (TPPs) on other hand GDPR aims to strengthen and consolidate data protection for all individuals by giving them more control of their personal data. While PSD2 is promoting data sharing, the GDPR is endorsing data privacy. PSD2 promotes competition as it favours non-bank financial service providers.
There seems to be lack of clarity on what constitutes sensitive payment data which can create challenges for interpretation and implementation leading to increased risk of non-compliance. Also, since PSD2 does not name any penalties for non-compliance and GDPR non-compliance can lead to maximum penalty of 4% of annual global turnover. This can lead some banks to give GDPR compliance greater priority over PSD2.
At Kinfos – we have recognised there is significent in understanding, expectations, what is actually allowed and how GDPR can impact the actual implementation of PSD2 therefore we are hosting Europe’s first ever combined forum on PSD2 and GDPR with an aim to clear such clouds and work towards finding an possible solutions to navigate through conflicting regulations.
Join us at this unique initiative to get in-depth insights from some of the best speakers on PSD2 and GDPR.
• Introduction to Revised Payment Services Directive (PSD2) and its background
• What is the scope of the Directive?
• Current state of PSD2 compliance in ever changing payment landscape
• Why financial institutions should go beyond the minimum PSD2 compliance?
• What are the exclusions of the Revised Directive?
• How much Investments are required to implement PSD2 ?
• An introduction to the General Data Protection Regulation and it’s Background
• What necessitated introduction of GDPR replacing (EC)45/2001?
• Which sectors will be affected by GDPR implementation?
• What are the pre-requisites of GDPR compliance?
• Is GDPR world’s strictest data privacy law?
• How companies can prepare themselves for GDPR?
• What are the consequences of non-compliance of GDPR? What are the risks and penalties.