DATA W
inston Churchill said: “Now this is not the end. It is not even the begin- ning of the end. But it is,
perhaps, the end of the beginning.” He delivered these famous words just after the British routed Germany’s forces in Egypt come 1942. These comments were recited by a finance professional recently to describe the shake-up now facing the industry’s most precious resource – data. This year is expected to be one of
reckoning for those offering payment services to the business travel industry. A host of regulations and initiatives will drive momentous change in the data landscape affecting security, information governance and how data is perceived. A fistful of laws with various acronyms, including the EU’s GDPR (General Data Protection Regulation) and NIS (Network and Information Systems Directive) will be enshrined in English law by the summer. There is also the Open Banking initiative (see panel, p28). These may appear to be unconnected, yet they will radically change the way financial services store, secure, process and share personal data.
26 BBT CORPORATE CARDS SUPPLEMENT 2018
COMES TO THE FORE
A raft of new data legislation will fundamentally change the world of corporate payments this year, especially for suppliers
For travel managers the day-to-day experience and use of corporate cards, payment products and services are unlikely to change much – a reassur- ance that has come from a number of providers in this field. However, these initiatives are not without ramifications. “For our partners and customers in
travel these changes will be seen pri- marily in terms of changes in their card agreement, the privacy notice, the online privacy statement and data protection and privacy principles,” explains Andy Nicholas, vice-president for international global business development, global commercial services at American Express. “As new data security regulations such as GDPR come into effect, American Express is ensuring a change manage- ment programme is in place to meet the new requirements. This builds upon our existing robust policies which govern data security,” he adds. The new regulations have common goals for information governance. The aim is to treat data with respect, secure it properly, build trust and transparency, increase accountability, as well as protect business travellers and their information.
“However, in many ways, it remains a ‘black box’ to the outside world,” explains Dr Alexis Stenfors, senior lecturer in finance at the University of Portsmouth. Quietly, these regulations have been internalised by a tight-lipped financial services sector. Consultants, experts and lawyers have all muscled in – the sector has its reasons. “The financial services industry was one of the first adopters of IT and many corporations therefore have to deal with legacy systems,” states Sebastian Jauch, head of applications and solutions at Deutsche Bank. “Technological develop- ments have eased efforts to align data,
QUIETLY, THESE REGULATIONS HAVE BEEN INTERNALISED BY A TIGHT-LIPPED FINANCIAL SERVICES SECTOR. CONSULTANTS, EXPERTS AND LAWYERS HAVE ALL MUSCLED IN
In association with
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