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Interplay between financial technology and privacy

23. September, 2020

Lára Herborg Ólafsdóttir, partner at LEX, wrote an article in the business section of the icelandic newpaper Morgunblaðið, in which she discusses the interplay between financial technology and privacy law, as Iceland takes first steps in the implementation process of Directive no. 2015/2355/EC (PSD2) and harmonizing the rules on payment services with those applicable in the EEA. The aim of these rules is to strengthen competition in the field of payment services and facilitate the access of new parties to the market.

The main changes following the proposed Act are that the scope of the law will be expanded and new parties, so-called PISP´s and AISP´s, will fall under the scope of the law.

It is interesting to look at the interplay between market development and competition considerations that are dominating in the provisions of PSD2, with the security and privacy considerations on which privacy rules are based.

It is important for payment processors and information service providers to carefully consider whether the user’s satisfactory consent is in place, when it comes to the processing of personal data.

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