Salt Edge Inc. makes first steps towards full GDPR compliance by implementing a Consent collection window upon connection.
October 9th, 2017 – The General Data Protection Regulation (GDPR) was adopted on 27 April 2016 and will come into force starting with 25 May 2018, after a two year transition period. It will take the place of the Data Protection Directive of 1995. Through this Regulation, the Council of the European Union, the European Commission, and the European Parliament intend to strengthen and unify data protection for all the individuals within the EU, as well as address the export of personal data outside of the EU.
Article 7 of the GDPR, “Conditions of Consent”, stipulates that “…the controller shall be able to demonstrate that the data subject has consented to processing of his or her personal data.”. From this moment forth, upon connection, the end-users will be met with this window of Consent. Essentially, this means that all users will receive the full list of information which they grant access to.
“This isn’t the only step we took toward being compliant with the GDPR, but it’s certainly among the first ones that will be noticed by the end-users. Our developer team is proactively working on technological updates to our infrastructure and we’re estimating to be fully compliant with the regulation by March ‘18. The security of our client’s customers’ personal data has always been a top priority and we’re constantly seeking additional ways of improving it.” – said Dmitrii Barbasura, Salt Edge’s CEO.
This will mostly affect Spectre API and is implemented as part of the Salt Edge Connect page. All Spectre clients can implement this feature by following the instructions in our API Documentation. While currently this is optional and left to the discretion of our clients, starting with May ‘18 everyone operating on the EU Market will be bound by the Regulation to implement this into their product.
About Salt Edge Inc.
Salt Edge Inc. is a fast-growing innovative company specialized in FinTech. It provides world-leading account data aggregation, customer-oriented money management, and white label banking solutions.
Priora is the pinnacle of Salt Edge technology. A universally compliant PSD2 open banking solution, designed with easy integration in mind, with capabilities for future development, going beyond basic directive requirements.
Salt Edge enables its partners to embrace innovation, driving their businesses to the next level. Spectre API supports over 2600 financial institutions across 60 markets. Salt Edge Inc. was founded in 2013 and is headquartered in Toronto, Canada.