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DPI19: Open Banking and Data Sharing Will Benefit Consumers

March 13, 2019 / Dan Raywood

Speaking at the IAPP Data Protection Intensive 2019 conference in London on 'How Privacy & Data Protection are Impacted by Competition Considerations,' Helena Koning, senior managing counsel and data protection officer at Mastercard, said that new rules on open banking are permitting more sharing and reuse “of different types of data whilst respecting the privacy and benefit of consumers.” Saying that data “is not the new oil, but is an infrastructure,” Koning explained that data can be used “without loss of quality and competitive edge.” Looking at new initiatives on sharing data and open banking, she said that competition laws are “beefing up with new privacy initiatives,” one of which is new payment data standard PSD2 which has “created a new playing field” and has created a change in the policy markets, and this has caused a new way of thinking. She added: “We see privacy, consumer and European laws movin...