GDPR Compliance for Fintech Companies
Open banking, credit decisions, and DSARs for fast-moving fintech
Fintechs serving EU users combine payment data, credit profiling, and open-banking flows under GDPR, PSD2, and AML rules simultaneously. TruePrivacy gives lean compliance teams the automation to keep pace with product velocity.
What GDPR requires of fintech
Lawful bases across the stack
Contract for core payments, legal obligation for KYC/AML, legitimate interests for fraud — consent only where it's genuinely free.
Article 22 credit decisions
Automated lending and scoring decisions need explicit-consent or contract-necessity grounds plus human-review safeguards.
Open banking data flows
PSD2 access rights and GDPR purpose limitation intersect — account data pulled for one purpose can't quietly feed another.
DSARs and portability
One-month deadlines, machine-readable portability exports, and erasure bounded by AML retention.
Sub-processor sprawl
Cloud, KYC vendors, card processors, and analytics tools form chains needing Article 28 contracts and transfer mechanisms.
Marketing and tracking consent
Growth stacks built on pixels, SDKs, and behavioural ads need ePrivacy-compliant consent — legitimate interests won't carry tracking.
How TruePrivacy helps
Basis-mapped processing inventory
Every activity tied to its lawful basis with LIAs documented — updated as your product ships.
Credit decisioning governance
Model inventory with Article 22 classification, DPIA linkage, and human-review evidence.
Purpose-limitation enforcement
Open-banking data flows tagged by purpose with downstream-use controls and audit trails.
DSAR and portability automation
Deadline-tracked fulfilment with structured exports and AML-aware erasure splits.
Sub-processor chain management
DPA tracking, SCC/TIA status, and change alerts across your vendor stack.
“We ship product weekly, and our processing inventory used to lag by quarters. TruePrivacy ties basis mapping into our release flow, so the RoPA is current when a DSAR or a regulator lands — that's the difference between a lean team keeping pace and drowning.”
Frequently asked questions
Can we train fraud models on user transaction data?
Generally yes under legitimate interests with a documented balancing test, minimisation, and safeguards — but decisions that block users engage Article 22 considerations. TruePrivacy stores the LIA and tracks each model's decision role.
What does portability actually require from us?
Data provided by the user, processed by automated means on consent or contract bases, exported in a structured, machine-readable format. TruePrivacy generates portability exports from your data map so engineering doesn't hand-build them per request.
How do PSD2 and GDPR interact for account aggregation?
PSD2 grants access rights; GDPR still governs the personal data — purpose limitation means account data accessed for the user's requested service can't be repurposed for marketing or scoring without its own basis. TruePrivacy tags flows by purpose and evidences the separation.
We're an Indian fintech expanding to the EU. What changes?
GDPR applies to your EU users: one-month DSARs, portability, risk-based breach notification, SCCs for data coming back to India. TruePrivacy adds the GDPR rule set alongside your DPDP configuration — same inventory, jurisdiction-aware workflows.
Get GDPR-ready
Book a 30-minute demo and see how TruePrivacy handles GDPR compliance for fintech.
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