PSD2

[Milky Moon]

PSD2 is a law that "opens" the banks payments infrastructure and account information to third parties (fintechs or the likes of Facebook/Google), in the EU. It works on the basis of "consent", but that is consent of the accountholder.

Big questions was/is what to do with the data of the 'other' party that have not given consent. (ie you wire money to your mother, and she has given consent for google to access het bank account, can google now use your information for building a profile about you ..)

https://t.co/G82uvR4cqs

WP29 (the DPA's in the EU) gave their opinion. (p11-12). They think Goolge et al are not allowed to use data about you to build a profile about you. It is just there as an address.

So that is one positive thing today

 

[Martin Everson]

I would run a a mile from opening my bank account up via PSD2. Putting all your accounts into a PSD2 aggregator for example is like giving the government a kill switch to block all your financial assets. The data will only be used to monitor you.

See the below youtube demo of how its likely to work

I don't even want to think what would happen if Facebook got hold of this data. They would mine it for your spending habits to better target you with adverts....that is certain.