The foundation for PSD2 enablement and open banking success is trusted identity. Ask us to demonstrate how efficient and easy can be to place a strong identity on your customer’s phone that lives within your mobile banking app. Consumers can use this single trusted identity to verify transactions, make online and mobile purchases, move money between accounts, access self-service kiosks, interact with ATMs and more. When consumers rely on the trusted identity you provide, your brand and your identity become the center of the consumer’s expanding financial ecosystem — while ensuring a secure experience. Our solutions allow you to extend trusted identity to more than your customers. Every person or machine that’s part of your digital ecosystem requires a trusted identity to ensure both security and great customer experiences. This means issuing trusted identities to employees, apps, networks and, eventually, devices connected to an Internet of Things (IoT) ecosystem.

These two critical initiatives seem to be at odds. PSD2 advocates for sharing customer data, while GDPR promises severe financial consequences for organizations that violate consumer data privacy regulations. While it seems there will be more direct guidance coming from governing bodies in the future, banks must — for the time being — balance both requirements using their best judgement. This means that banks should avoid a separate or siloed approach to their GDPR and PSD2 implementations. Approach them as a unified initiative and develop a single framework that simultaneously makes customer data available, yet protects that same data from being compromised by hackers. For help with this important balancing act, our product specialist are available to help you.