Payment Services Directive 2 requires the sharing of consumer banking data with third parties when authorized by the customer, meaning it creates access to personal data, whereas the General Data Protection Regulation focuses on protecting the data.

Question

Quizplus · Accepted Answer

PSD2 and GDPR serve different purposes. PSD2 aims to promote competition in the financial industry by allowing third-party providers to access consumer banking data, while GDPR focuses on protecting all personal data, including banking data, from unauthorized access and misuse.

Payment Services Directive 2 Requires the Sharing of Consumer Banking