General Data Protection Regulation, or more commonly known as GDPR, is a law that is established in the EU and will be in effect from May 2018. The regulation is essentially designed to harmonize data privacy laws across Europe to protect and empower all EU citizens’ (and residents’) data privacy and to reshape the way organizations across the region approach data privacy.
The GDPR definition of “personal data” is not just limited to a name, postal address, telephone number, passport number, etc. Instead, it covers any information that can be used to uniquely identify an individual; this could include online identities, website cookies, and IP address as well.
The core of PSD2 compliance and Open Banking is exposing data securely to third-party providers. This means that the already stringent measures in place within API security for PSD2 compliance grow by 10 fold when considering GDPR. WSO2 Open Banking, which leverages WSO2 identity and access management capabilities, has been enhanced to adhere to GDPR. Additionally, the API specifications used in WSO2 Open Banking, such as Open Banking UK, have been customized to take in to consideration the API management aspects of GDPR.
By choosing WSO2 Open Banking, you’ve got GDPR compliance requirements as a part of the package, making it a comprehensive solution that’ll help you instantly address your requirements; it removes the additional hassle of having to figure out GDPR compliance for the security components of your open banking solution.