Data legislation • By Nick Easen
third parties to ensure they have security and are compliant. There is a duty-of-care along the whole data chain. The good thing is that there are now more ways to secure traveller information. “Everyone in the business travel ecosystem recognises the importance of protecting personal data. The growth in the number of ways to encrypt data and restrict access – such as through biometrics – is testament to this, and we will continue to ensure data is obtained, transmitted and stored with the utmost care,” says Parpou.
LOOKING AHEAD
Expect a deluge of opt-in emails and explainers, press releases and media accounts, all laying out the benefits of this new data-fuelled era, to flood your inbox in the wake of GDPR and NIS. The financial services sector will be on a charm offensive, with terms and condi- tions and double opt-ins necessary to achieve compliance. Some corporations have even employed chief compliance of- ficers and compliance experience officers. “We do so need to get the trust element right though. It’s all about giving control to the customer. And it’s about turning project fear into project opportunity,” states Mark Curran, di- rector of payments and Open Banking strategy at the Clydesdale and Yorkshire Banking Group. Yet some of the most exciting opportu-
nities in corporate cards and payments, are likely to come once the legislation has bedded down and all those data- bases have been mapped and reconciled with strong information governance in place. Then, and only then, can financial services, like other sectors, potentially enter an era that realises the true po- tential of data.
EU RULES COMING ON LINE
Open Banking A secure set of standards allowing customers to give businesses other than their bank permission to securely access their accounts. Effective from: 13 January 2018. Reason: Allows people and businesses to securely make the most of their financial data. Non-compliance: A mutual initiative funded by the UK’s nine largest banks. Companies must be authorised by the Financial Conduct Authority (FCA) to be on its register.
28 BBT CORPORATE CARDS SUPPLEMENT 2018
NIS – Network and Information Systems Directive
NIS aims to achieve a common and high level of network and information systems security, and promote a culture of security in banking. UK authorities must be notified of breaches. Effective from: 9 May 2018. Reason: To improve cybersecurity and promote trust, as well as clarify security obligations for networks and services.
Non-compliance: Fines of up to Ð20 million or 4 per cent of turnover, whichever is greater.
GDPR – General Data Protection Regulation This EU regulation could be the most important data privacy law in 20 years. It gives citizens more control of their data, including the right to be forgotten, the right to be informed of breaches, and the right to portability. Effective from: 25 May 2018. Reason: To protect the data privacy of all EU citizens.
Non-compliance: Fines of up to Ð20 million or 4 per cent of turnover, whichever is greater.
In association with
In the next few years a whole data ecosystem is expected to evolve around Open Banking, wherein trusted data is shared and monetised in a secure envi- ronment with the expected proliferation of third-party providers and their prod- ucts. Open Banking equals open data. It may also allow more players to
participate in the travel industry and foster innovation in payments and cards. The changes could be transformational and ultimately customers will benefit from more options and improved experi- ence such as simpler payment options or better integration of data. There are areas, such as online user experience and customer insight, where the corporate payment world has yet to fully leverage these technologies and the corporate user has much to gain. “Open banking enables any number
of new business models and customer- centric propositions,” says Barclaycard’s Maria Parpou. “Many of these may be relevant to business travellers, but we’re only just starting to see them emerge. In this new world, banks, corporations, payment and travel pro- viders will need to work more closely to ensure their systems speak to each other where it’s appropriate, and that data is shared securely and with the traveller’s consent.” It is said that “data is the new oil”.
But, in many ways, data goes beyond a comparison with a limited fossil fuel. With data, there is the potential for endless growth. If you’re wondering how things might change, just think about contactless payments. Only 18 months ago their use was less widespread. Today they account for one-third of all card transactions in the UK, rising 157 per cent in 2017, according to Barclaycard. A lot can change, very quickly.
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