The Canadian government is consulting with the country’s banking industry on opening up Canada’s payments infrastructure to nonbank payment service providers and fintechs, in a far-reaching move to spur innovation and competition.
Echoing the set of restrictive rules known as GDPR enacted earlier this year by the European Union, the state legislation — which does not take effect until 2020 — will almost certainly be the subject of intense lobbying from business giants that vacuum up all the data.
The U.K.’s Rural Payments Agency has long been renowned for its inefficiencies in processing timely and accurate financial support payments to farmers across the country. But now industry figures expect Brexit will lead to an improvement in performance due to a loosening of the EU-driven bureaucratic regulations.
International banks are also having to adapt to a raft of regional payment and data regulations that impact their operations in certain territories significantly but in others only negligibly, according to Russell Bennett, chief technology officer of Fraedom.
The GDPR doesn’t mandate how data requests should be made, but it does say that organizations handling personal data should be prepared to handle the requests. One would be right to wonder whether companies are as prepared as they should be.
This week's ruling from a U.K. appeals court is the latest of many episodes in a battle between merchants and card brands that has influenced regulations, technology, market strategies and nearly all other aspects of the payments ecosystem.