DData Protection
Datenschutz im Zahlungsverkehr – Rechtliche Grundlagen und Besonderheiten Data Protection in Payment Services – Legal Framework and Key Particularities
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  • 10 minute read

Data Protection in Payment Services – Legal Framework and Key Particularities

Data protection in payment services operates within the complex interplay of the GDPR, PSD2 and the German ZAG. A key challenge lies in the legal classification of payment data, as transaction data may reveal highly sensitive insights into individuals’ private lives. This article analyses the principal legal bases for data processing as well as the allocation of data protection responsibilities among payment service providers, PISPs and AISPs.
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FFinTech
The Determining Role of the Schufa Score in Third-Party Decisions 1
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  • 5 minute read

The Determining Role of the Schufa Score in Third-Party Decisions

Whether the Schufa score is decisive for third-party credit decisions has, since the CJEU ruling of 7 December 2023 (C-634/21), determined whether its mere calculation qualifies as an automated decision within the meaning of Article 22(1) GDPR. The CJEU made it clear that this cannot be assumed in general but must instead be assessed by national courts on a case-by-case basis. Since then, uncertainty has prevailed as to how the requirement of “decisiveness” should be interpreted.
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BBanking
EuGH zu Datenverarbeitungspraktiken von Wirtschaftsauskunfteien | von Annerton Anwältin Svetlana
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  • 10 minute read

ECJ on data processing practices of credit agencies

Financial service providers depend on creditworthiness assessments for products such as loans and BNPL, often relying on scores from agencies like SCHUFA. The ECJ rulings of 7 December 2023 (C-634/21; C-26/22; C-64/22) put both the business models of credit agencies and their customers’ products under pressure. This article outlines the decisions and highlights the data protection challenges for agencies when calculating scores and for customers when using them.
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