B2B Payments

How Can Countries Protect Sensitive Financial Data?

Under provisions of an annex to the Trade in Services Agreement (Tisa) leaked by WikiLeaks, countries might be unable to prevent their sensitive financial data from being released. According to a recent Finextra article, WikiLeaks recently published what it claims to be a draft of the financial services annex from a negotiation round in April.

Fifty countries are currently negotiating Tisa, including the U.S., Japan, Pakistan and 28 European states through the EU.

“Each Party shall allow a financial service supplier of another Party to transfer information in electronic or other form, into and out of its territory, for data processing where such processing is required in the financial service supplier’s ordinary course of business,” read the U.S. statement, according to Finextra.

The news source explained that the Tisa draft said that each party country would have to grant financial services firms from any other party access to payment and clearing systems operated by public entities.

While Russia was not part of the Tisa discussion, the nation cited data privacy concerns when President Vladimir Putin told Visa and MasterCard that they must process all domestic transactions on its soil.

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