Payments

Open Banking Poised to Gain Momentum in Wake of LVMH, Visa, Mastercard Lawsuit

Leave a Comment / Payments, Retail /

The recently publicised legal battle between luxury giant LVMH and payment network Visa and Mastercard might seem like a squabble amongst titans, a mere financial tug-of-war with little bearing on the average consumer. However, beneath the surface lies a psychological undercurrent, a potential shift in the way we perceive and interact with money, particularly for […]

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A Fingerprinted Future for Retail Payments – Are You Ready to Join?

Leave a Comment / AML Compliance, Digital, Payments, Retail /

Mutual Trust Bank (MTB), a leading private commercial bank headquartered in Dhaka, Bangladesh, has forged a strategic partnership with Norway’s IDEX Biometrics to introduce cutting-edge biometric payment cards to the Bangladeshi market. This collaboration aims to revolutionize payment security by integrating fingerprint authentication technology directly into physical payment cards, enhancing both convenience and security for

A Fingerprinted Future for Retail Payments – Are You Ready to Join? Read More »

Fiserv’s Clover Ignites Growth with New Offerings in the Point-of-Sale Market

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The Fiserv Inc nearly five-year-old acquisition of First Data Corp for $22 billion is proving to be a linchpin in its growth strategy. The deal introduced Clover, a sophisticated suite of point-of-sale technologies, which is now driving substantial revenue growth for the Milwaukee-based firm. Clover’s innovative products and broad market applications are swiftly making it

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Standard Chartered Unveils New Open Banking Marketplace to Boost API Integration

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In a significant development for digital banking, Standard Chartered today announced the launch of its Open Banking Marketplace, a robust platform designed to empower clients to explore and integrate application programming interfaces (APIs) more efficiently. This initiative marks a pivotal step in enhancing business-to-bank collaboration, offering both existing and prospective clients a user-friendly environment to

Standard Chartered Unveils New Open Banking Marketplace to Boost API Integration Read More »

Understanding the Vital Role of Remittances in Global Development

Leave a Comment / Payments, Retail, Wellbeing /

Remittances, often defined as the transfer of money by migrants to their home countries, play a vital role in the economies of many developing nations. These transfers, which can consist of cash or goods, are crucial for the welfare and development of the recipient countries. Despite challenges in measuring the exact size of remittance flows

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Klarna and Milkywire Bank on Biodiversity, Investments Grow on Trees!

Leave a Comment / Core values, Payments, Retail, Wellbeing /

Klarna, known for its AI-enhanced global payments system and Buy Now Pay Later (BNPL) shopping services, in collaboration with environmental platform Milkywire, announced the launch of the Nature Transformation Fund. This initiative is designed to facilitate direct investments by tech and financial entities into projects that aggressively push towards achieving global biodiversity goals. The newly

Klarna and Milkywire Bank on Biodiversity, Investments Grow on Trees! Read More »

No Cash, No Problem, Klarna’s Card Makes U.S. Debut

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Klarna, a leader in global payments and shopping services powered by artificial intelligence, has now opened its waitlist to U.S. consumers for its newly introduced Klarna Card. This card, facilitated through WebBank, is designed to offer users a range of payment flexibilities, accessible both online and in physical retail locations. Users benefit from zero foreign

No Cash, No Problem, Klarna’s Card Makes U.S. Debut Read More »

Ghanaian Fintech Zeepay Raises Equity for Regional Growth

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Ghanaian fintech startup Zeepay has successfully raised a new round of equity investment to bolster its expansion in Africa and the Caribbean. Established in 2014, Zeepay is at the forefront of connecting various digital assets—including mobile money wallets, cards, ATMs, bank accounts, and digital tokens—to international money transfer operators, enhancing services for payments, subscriptions, international

Ghanaian Fintech Zeepay Raises Equity for Regional Growth Read More »

Fintech in China: Integrating Payment Apps with Blockchain Growth

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Navigating the digital landscape of payments in China is an exciting journey given the plethora of options available to consumers and businesses alike. Here’s a quick rundown of the top 5 Chinese payment apps that are reshaping how transactions are conducted in the world’s most populous country: Alipay: Alipay is the kingpin of mobile payment

Fintech in China: Integrating Payment Apps with Blockchain Growth Read More »

Bank of England Signals Cautious Optimism for Payments Revolution

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At the Innovate Finance Global Summit 2024, Sarah Breeden, Executive Director of the Bank of England, outlined the institution’s measured yet optimistic stance toward the rapid innovations occurring in payment systems. Breeden highlighted the Bank’s twin roles as regulator and participant in the UK’s financial infrastructure – a position that demands fostering innovation while safeguarding

Bank of England Signals Cautious Optimism for Payments Revolution Read More »

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Post-Brexit: data protection
Card processor sends sensitive data to wrong address
24 August 2022

Worldline SA subsidiary Payone GmbH has been accused of breaching data protection rules after it sent sensitive employee payroll information to the wrong address by accident. The Worldline Group holdS a 60% stake in the Frankfurt based company who have a small UK market presence.

In June 2021, one of Payone GmbH’s ex UK employees (the data subject) received a “potential data breach notification” from the firm advising him that his salary, National Insurance data, nationality (Special Category Data) was amongst various bits of information sent to an incorrect home address.

This included personal information such as the former employees name, age and address.  It also included details such as the date of birth and the amount of annual work bonus he received in his bank account amongst other identifiable data.

Payone GmbH confirmed that this document was sent out in error following an employee making a mistake when re-entering data processed by their third-party payroll provider.  The error arose when the employee was fulfilling an Article 15 GDPR request. The error was spotted by the data subject when he noticed in an email version of the document that the postal address was incorrect. An attempt to notify Payone GmbH of the error went in vain as the document was already irretrievably despatched.

The data subject was alarmed with the incident which exposed him to the possibility of fraudulent activity, amidst reasonable fears his data could end up on the dark web and used by criminals.  Habitually resident in the UK he complained to the Information Commissioner’s Office (ICO) in June 2021. He similarly raised the concern in Germany via The Hessian Commissioner for Data Protection and Freedom of Information (HBDI).

The ICO reprimanded Payone GmbH for the error in their final decision letter.
Similarly, the HBDI cited a violation of Article 5(f) of the General Data Protection Regulation (GDPR) relating to integrity and confidentiality.

The ICO stated in their July 2021 findings that Payone GmbH, “should take steps to ensure that all personal data records are accurate and up to date. Holding inaccurate information, such as addresses, does increase the risk of personal data breaches and poses risks to the security of information”.

The HBDI confirmed in their October 2021 findings that Payone GmbH had taken remedial action. They concluded that a monetary fine would not be imposed on Payone GmbH as they had taken technical and organisational steps in response to the data breach. Data subjects could now request their data in an autonomous portal.

The GDPR, which came into effect in 2018, gave the Information Commissioner’s Office greater powers to tackle data breaches. The new ‘UK GDPR’ charts its own course after Brexit whilst seeking to maintain EU GDPR adequacy.  In extreme scenarios, organisations face penalties of up to £20m or 4 per cent of their global worldwide turnover, whichever is more.

In the years prior to GDPR, the ICO fines were capped at £500,000.

The data subject said: “I am just glad I spotted it; they were going to resend the document again to another wrong address. Prior to Brexit the process would have been commenced via the ICO who in turn would liaise with the HBDI on the data subjects’ behalf; but I found myself communicating with both authorities separately which was an additional step but in the end was surprisingly
effective. Unfortunately, Payone GmbH again sent my incorrect address to the
Workers Pension Trust in January 2022, and documents yet again went to the wrong address. In my opinion they have not learned from the first time and my complaint is sitting with the ICO yet again”.

The former employee is pursuing a remedy under Article 82 UK GDPR via
the Court’s of England & Wales.

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