The European Union (EU) and partnering countries are leading the way in payment innovations with the Single Euro Payments Area (SEPA) and the Payments Service Directive 2 (PSD2). The goals of these new regulations are to change how currency is transferred within EU borders, and to unify a (currently) very federated financial network into a much more efficient single network. These new regulations will support secure, cashless payments across the EU and partnering countries, impacting both financial organizations and consumers.
As a result of these new regulations, financial organizations, third-party payment service providers, and international organizations with Eurozone customers will be handling large quantities of payment card data, as well as personal data. The use of this sensitive data will be governed by the Global Data Protection Regulation (GDPR) starting in 2018.