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European Data Protection Supervisor (EDPS) issues opinions on financial payment services and data sharing

The EDPS has issued opinions on the following legislative proposals:

  1. The proposal for a Regulation on a financial data access framework
  2. The proposal for a Regulation and Directive on payment services in the EU’s internal market

Both proposals are designed to encourage data sharing “to broaden the offer of financial services and products whilst providing individuals or organisations control over the processing of their financial data.”

The proposals include the provision of dashboards which will be used to control access to financial data, giving individuals control over what is shared.

The EDPS has highlighted the need for clear, accurate and complete information to be provided by financial institutions in relation to the type of service/product/payment and the categories of data which will be used.

If you would like to take a look at the more detailed, proposal specific, recommendations made by the EDPS, you can find these here and here

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