“Access to technical interfaces is now a key competitive factor for payment systems,” said a spokeswoman for the Association of German Banks. “The same conditions should apply to all market participants.”
“I want us to be the model jurisdiction in the world for how we are dealing with digital platforms,” said Australian Prime Minister Scott Morrison. “We have regulation and restrictions that were written for an analog economy.”
The concern is that banks need to comply with strict regulatory requirements to protect client data. But their industry is being infiltrated by competitors that aren’t necessarily subject to the same rules.
“We need strong enforcement, because only then will the right to control our data become a reality in people’s lives,” Vestager told a privacy conference in Brussels. “Only then can we start to restore Europeans’ trust in the digital world.”
Large technology companies like Apple and Google parent Alphabet are increasingly offering financial services to boost revenue and gain greater access to the data that is at the heart of their business models.
Oracle Corp. is also mounting a legal challenge to the cloud contract, known as JEDI. The project is designed to consolidate the Defense Department’s cloud computing infrastructure and modernize its technology systems.