Firms Told To Overcome PSD2 Data Protection Confusion

Overlapping provisions in incoming EU data protection rules and the revised Payment Services Directive (PSD2) are manageable for the financial sector, experts believe, despite complications around consumer consent.

As member states make progress on transposing PSD2 into domestic legislation, attention has been drawn to the perceived conflicts between the directive and the General Data Protection Regulation (GDPR).

Article 94 of PSD2 requires payment institutions to make customer data available to authorised third parties provided that the account holder has given their explicit consent.

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