Discover the terms that change the financial technology industry.
General Data Protection Regulation (GDPR)
The GDPR is the set of regulatory standards that outline the protection and use of citizens’ data in the European Union (EU). The regulation mandates that EU citizens be allowed a set of disclosure parameters regarding the collection and use of their data, regardless of whether the party seeking to access it has its main operations within EU territory. These set or regulations came into effect in May of 2018, and mandate a set of measures, such as the prohibition of transferring data outside the European Union if the same conditions as EU law mandates are not met; the need to anonymize personally identifiable user data and the appointment of data protection officers for organizations.
The gig or “small job” economy usually refers to business models that are based on providing services delivered through short-term contracts by freelancers using a technological platform that connects gig workers and clients.Gig economy workers are paid per assignment as opposed to being hired full-time by the tech companies that provide the service. Prominent examples include the ride hailing app Uber or the Latin American multipurpose delivery app Rappi.
Global Payment Innovation (GPI)
An initiative by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to create a transnational, interbank service-level-agreement that establishes common standards for processing cross-border payments. The GPI aims to overhaul correspondent banking with changes such as same-day use of funds, greater payment information exchange between parties, increased fee transparency and predictibility, among others.