The partnership enables the creation of a solution that supports GDPR compliance for financial institutions, while simultaneously deepening relationships with customers by combining the breadth of FIS global banking technology and consultancy with Trunomis customer-driven, consent-based data sharing platform. The new solution integrates into FIS banking and payments platforms to securely connect financial institutions and their customers so those customers can create, control and share their digital identities as they choose.
The solution will give consumers secure control over the use and movement of their personal and financial data from new levels of security around data to simplified ways for consumers to review their information. It also will allow financial institutions to comply with their customers wishes for accessing and using their personal data. For instance, data must be eliminated if a consumer withdraws his or her consent that an organization possesses it.
Heralded as a landmark in personal data protection, GDPR is the coming legal framework that will govern how organisations worldwide may use customers personal data. Adopted in April 2016 and set to go live in May 2018, GDPR will cover personal data for EU citizens worldwide. It will require banks and other organisations to completely redraft the terms and conditions by which they maintain customer engagement.
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