Traditionally, banks have never been too fond of introducing major changes to their business models. Sure, they stumble onto new ideas from time to time, like the case was with ATMs or contactless payments. However, the fundamentals of banking have virtually remained intact for decades. Until now. Focused primarily on online transactions, PSD2 (Second Revised … How banks can meet PSD2 requirements
Whenever a business goes through the process of onboarding a new user or client, a know-your-customer procedure is mandatory. Companies ask for physical documents that prove the user’s identity, like passports or titles to residential property. This helps reduce the risk of fraud and other illegal intentions. KYC procedures come at the expense of the … Adapting KYC (Know Your Customer) procedure to GDPR
Times have changed. So must the law. The General Data Protection Regulation (GDPR) is the latest in a string of EU parliamentary measures designed to put the highest levels of protection around personal data. Unfortunately, achieving GDPR compliance is not just a matter of ticking a few boxes — it’s more akin to a complete digital transformation. … GDPR Compliance Guide