PSI- Pay is an alternative banking company with headquarters in Horsham, West Sussex, UK. The company offers financial management services for businesses. The company is a main member of Mastercard from 2009. They have a license to issue electronic payment regulated products, credit cards and debit cards in 173 countries.
PSI-Pay is making efforts to comply with the new law regarding data privacy passed in the UK and the EU. The new law is called the General Data Protection Regulation or GDPR. The law was enacted in 2016 and is enforced in 2018. Fintech companies like PSI-Pay need to ask the consent of the customer before collecting sensitive data relating to health, racial categories or sexual orientation.
The GDPR law has a controversial article called the Right to be forgotten. This article allows users to ask providers to remove information if it is no longer required by the provider. Providers have to provide a downloadable request form for erasure of information.
Another important aspect of this law is that providers must get the permission of parents before collecting data about children under the age of 16. Providers cannot collect any data about children under the age of 13.
A Payment Services Directive has been released along with the GDPR to ensure that breaches of consumer data does not occur. Third party organizations will now have to get the consent of customers before accessing their financial histories and their accounts.
The GDPR and the Payment Services Directive have been enacted to ensure that user data privacy and security are not breached and fintech companies need to change their revenue structure and incorporate all the rules and regulations in the directives.
Fintech companies like PSI-Pay and other online retailers have to make privacy of the customer an important part of their technology updates and policy updates. It is now mandatory that these companies ensure that personal data of their customers is not leaked or stolen.
PSI-Pay is a fintech company that not only aims at giving the best available financial services to customers but also ensures that their personal data is safe and secure.