PSD2 Data Protection Issues ‘A Red Herring’, Say Experts

Conflicts between incoming EU data protection laws and open banking are “overstated” and can be resolved, according to legal experts, who have urged firms not to let confusion hold back innovation.

With the revised Payment Services Directive (PSD2) due to enter into force in January 2018, financial institutions will soon be obliged to make customer data available to authorised third parties with the account holder’s permission.

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