Computerworld reports on how the EU General Data Protection Regulation and Payment Services Directive 2 will strengthen the financial technology industry and increase its ability to compete with traditional banking. While the GDPR gives citizens the right to control the use of their data, PSD2 authorizes the customer to request banking data be shared with third parties. Combined, they could create competition for traditional revenue streams in the U.S. if open banking and data sharing are not adopted as an opportunity to improve consumers’ experiences.
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