On January 7 we told at the television show Radar about PSD2. We make us serious concerns about this law. The law focuses too much on improving competition and innovation. The privacy interests of the account holders have been lost sight of. Privacy protection is in the hands of consumers and the decency of the providers: in output instead of privacy-by-design such as the possibility of filtering at the source. And that while with one push of a button 10 years of payment data can share; in other words, a full financial profile.
The biggest risks we see:
- Consumers cannot limit the amount of bank details
- Bank details also include details of others
- Bank details contain "special personal data" which may only be processed under strict conditions
The law is there now. The question is how PSD2 service providers implement the law and how they deal with the privacy of their customers. We don't want to be dependent on that. That is why we are looking for solutions that allow service providers to take protective measures. See also our press release in which we argue for a PSD2 label for transparency and one Don't-PSD2-me-register.
See here for the Radar broadcast.