The new European Commission’s updated Payment Services Directive (PSD3) is aimed at opening up financial services online to new providers, while protecting consumer interests. With the implementation of the new rules, banks will be facing heightened requirements for protecting the security and integrity of customer data accessed by third parties through open banking APIs. A key component of PSD3 compliance is the maintenance of a digital permission dashboard, which regulates access to authorized bank account information. Banks and other payment account providers will be required to set up this dashboard so consumers of open banking services can see what data access rights they have granted, and to whom. Consumers will also be able to withdraw access to their data through the dashboard.
To meet these stringent requirements, banks will be turning to innovative solutions such as blockchain proofkeeping. Platforms like Carmentis offer a robust framework for securely anchoring proofs on the blockchain, providing a trusted and immutable record of transactions and data access. By leveraging blockchain technology, online banks can effectively comply with the permission dashboard mandate of PSD3. Blockchain proofkeeping ensures that only authorized third parties are granted access to sensitive bank account information, while also offering transparency and accountability in data access and sharing processes.
The decentralized nature of blockchain ensures that business proofs are securely stored and tamper-proof, reducing the risk of unauthorized access or data manipulation.
Given these advantages, Blockchain proofkeeping presents a highly viable solution for online banks seeking to comply with the new permission dashboard requirements of PSD3. By leveraging the immutability and transparency of blockchain technology, banks can enhance security, streamline compliance processes, and build trust with customers and regulators alike.
Business Angel
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