GDPR and PSD2: what do these new privacy and financial regulations mean for your school or university?
Where schools in 2018 were at a loss as regards the GDPR, 2019 seems to be foremost about PSD2. What do these terms mean? And what measures can schools take?
GDPR in a nutshell
PSD2…? Please remind me
PSD2 stands for the second Payment Services Directive. It is a European guideline on payment services. This directive determines that alongside banks, other parties can also provide new payment and account services, such as a service that helps to maintain an overview of separate bank accounts. PSD2 also regulates the fact that only licensed payment institutions are allowed to provide financial services. Obtaining such a license is a hassle that schools would rather avoid. The dilemma is thus ambiguous. As a university, you want to service your students and let them make purchases but with all these new rules, this simultaneously causes quite a hassle.
PSD2 and GDPR: trouble for facility managers
Imagine you are the facility manager of a university and you are determined to deliver more payment convenience for students. After all, your students purchase things on all kinds of self-service machines, including vending machines, printers, and coffee machines. But you also want to comply with all the GDPR and PSD2 directives. Where do you begin? Will you request a payment license? Will you opt for outsourcing? Many schools are currently actually in violation, as they manage the money themselves and are thus responsible for all transactions. In other words, if data is leaked or money is stolen (cybercrime), the universities themselves are accountable.
Micropayments and cloud solutions without the hassle
Precisely because of these complex situations, SKUARIO provides a perfect solution for schools and universities. SKUARIO offers micro-payments for students, with which they can easily print, make photocopies, and pay for coffee and food via a mobile app and a QR code. SKUARIO also relieves the university from all GDPR and PSD2 obligations.
SKUARIO ensures the registration of users and their data, which will subsequently no longer be stored locally in the university. A university can hereby already take an important step in protecting students’ data.
SKUARIO also has a GDPR-proof printing solution called cloud printing, via which students’ data is stored in the cloud, rather than locally on servers. Our printing solution works with double encryption. Data is sent as a package and is unwrapped locally on the printer. The data is not stored on the printers or printer server before it is printed. And as SKUARIO is an officially licensed payment service agent, the money is managed in a fully regulated manner, in accordance with the new PSD2 directives.
Would you like to know more about SKUARIO?
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