The Central Bank of Russia (CB) is discussing with the market the launch of a mechanism that will allow Russians to manage consents to the processing of personal data in a one-stop shop, including revoking access to data. The Bank of Russia informed Izvestia about the launch of the so-called “commercial agreement platform”.
Now the FinTech Association, on behalf of the Bank of Russia, is conducting a survey of financial market participants on the feasibility of creating a platform for commercial agreements. The results will be sent to the Central Bank, AFT CEO Tatyana Zharkova told Izvestia. She clarified that the association collects opinions and options for creating such a platform.
Gazprombank, MKB, VTB, PSB are taking part in the discussion, their representatives said, they are ready to do this – in Sberbank. VTB noted that they had already sent their proposals to the Central Bank.
Today, consumers face difficulties in managing consents: for example, it is not always possible to remember who, when and for what permission was given, while there is no single resource where one could verify this information.
In addition, it is often possible to revoke consent only in person at a branch of a financial institution, the Central Bank said.
Therefore, according to the representative of the regulator, the issue of creating a platform is being worked out, which should provide the ability to take into account consents to the transfer, storage and processing of user data provided to financial institutions, as well as a mechanism for viewing, revoking and changing the conditions of consents in one window mode.
Read more in the exclusive Izvestia article:
Living with consent: Russians want to simplify data management to one click
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
