European plans to apply extra rules around protecting payments data are being met with scepticism by legal experts, who point to a raft of existing data security requirements.
Officials at the European Banking Authority (EBA) launched a consultation last month into “innovative” uses of payments data, raising questions about the gathering and storing of such information.
However, lawyers that spoke to PaymentsCompliance raised a number of issues around existing requirements, with some questioning whether the payments industry would benefit from sector-specific rules.
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