I've heard the European Union's General Data Protection Regulation is going into effect soon, and I'm wondering how it's going to impact the payments industry here in the United States in general, and my business in particular. I know the big players have had to prepare for this. I expect the major acquirers and the ones who specialize in cross-border payments and such are on top of this. But I don't do any international business right now – although I might at some point. What do I need to know? Do you have any information or articles on this?
Jamie Drake, Payment Professional
You are correct. The GDPR, a new European Union privacy and protection regime, is going into effect on May 25, 2018. The last news story we published on this reported on study results that indicated most companies may not be ready by the time the new regulations go into effect. Titled "Prep sluggish for GDPR deadline, study finds," the article can be found at www.greensheet.com/breakingnews.php?flag=breaking_news&id=1869.
Industry experts from CSR Professional Services also collaborated on two articles for our Education section that delve into the ramifications of the GDPR, as follows:
Given that the GDPR has implications beyond European Union states and that it is going into effect shortly, we will also publish news in the coming weeks on this major effort to protect personally identifiable information in our digital age.
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