by Angela Guess

According to a recent press release, “FIS, a global leader in financial services technology, and Trunomi, a provider of customer consent management and permissioned personal data-sharing technology, are working to turn the EU General Data Protection Regulation (GDPR) into an opportunity for financial institutions to improve customer service while complying with the new law. Combining the breadth of FIS’ global banking technology and consultancy with Trunomi’s customer-driven, consent-based data sharing platform, the companies have partnered to create a solution that will support GDPR compliance for financial institutions, while simultaneously deepening relationships with customers. 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 release continues, “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. ‘The GDPR comes at a time when customers are demanding fairer ‘data relationships’ and this is an opportunity for savvy banks to lead the way,’ said Stuart Lacey, CEO and founder, Trunomi. ‘The regulation will push financial services providers to move to a customer-centric and transparent information exchange which will be a strong competitive differentiator if executed effectively’.”

Read more at Business Wire.

Photo credit: FIS