PSD2 opt-out register
Is it possible to have innovation in the field of payment data while preserving privacy? Under the new European banking law PSD2, payment data can be shared with non banking parties. The legislator has, however, failed to implement privacy by design. Therefore, the Privacy First Foundation has taken the initiative to launch a PSD2 opt-out register in the Netherlands. We are happy to report that the SIDN Fund is supporting us in this. With this opt-out register bank account numbers can be filtered. This can be useful in case bank account numbers are linked to sensitive personal data, such as a payment to a trade union, a healthcare insurer, a political party or an organization that reveals one’s sexual preference. It can also be useful when consumers wish to filter their contra accounts. The Dutch PSD2 opt-out register could become trendsetting at a European level.
Source: https://www.sidnfonds.nl/nieuws/de-eerste-pioniers-van-2019, 22 May 2019 (in Dutch).
Follow https://psd2meniet.nl for updates and become a member of our PSD2 Privacy Panel! (in Dutch)
For all its projects and affiliated activities, Privacy First is largely dependent on donations. The more financial support and donations we receive, the sooner Privacy First will be able to launch the PSD2 opt-out register.