Today in TechREG: EU Data Regulators Discussed Meta´s EU Future; BIS Study Finds Lack of API Standards Cross Border Payment Biggest Challenge 

Today, the European Data Protection Board (EDPB) held a plenary session and Meta’s future in Europe may be on the agenda. The national data protection regulators may discuss the implications of the decision issued by the Irish authority that would prevent Meta from transferring EU users’ data to the U.S. The Bank for International Settlements published a study where it found that the lack of application programming interface (API) standards is the biggest challenge for payment operators to adopt APIs and ease cross-border payments.

 Meta’s EU Future Hangs on Irish Authority’s Draft Data Regulations

Meta (formerly Facebook) will be paying close attention to the discussions that will be held Tuesday  (July 12) during the plenary session of the European Data Protection Board (EDPB). The outcome of these discussions may have a direct impact on the company’s ability to provide services like Instagram and Facebook in Europe.

Last week, the Irish data protection regulator issued a draft decision that could prevent Meta from moving data about European Union users to the United States. If the decision is finally adopted in its current terms, it could affect services like Instagram and Facebook in Europe. WhatsApp is not affected by the decision.

UK Regulator Urges Government To Review Internal Use of WhatsApp, Private Emails

The U.K. Information Commissioner’s Office (ICO) published Monday (July 11), a report about the government’s use of private correspondence channels like WhatsApp, private emails and messaging apps to conduct official business. As a result of the risks identified in the report, the ICO is urging the government to review its policies regarding the use of these channels.

BIS Study Finds Lack of API Standards Cross Border Payments Biggest Challenge

The Bank for International Settlements (BIS) published on Friday (July 8) a report highlighting the benefits of interlinking arrangements and application programming interfaces (APIs) to enhance cross-border payments and the challenges that payment operators are facing.

The study shows that lack of API standardization was the most significant challenge both for payment system operators and for the industry at large contemplating the adoption of APIs (79% of all respondents). This suggests, according to the BIS, that greater international collaboration to prevent fragmentation of standards at the global level is needed.

All Eyes on Amazon Prime Day as Inflation, Competition Cloud the Forecast

Amazon Prime Day 2022 is off and running, as are similar sales from other major retailers blowing out the overstocks built up to counter supply chain issues and now taking up space as back-to-school looms and the more ambitious among us start strategizing for holiday shopping.

Perhaps the biggest difference in Amazon’s use of Prime Day this year versus last is that there will be two — the eCommerce giant has a second event planned for the fourth quarter.

CFPB Publishes Summary of Actions To Promote Competition

On the anniversary of the President´s executive order to promote competition in the American economy, the Consumer Financial Protection Bureau published a brief report highlighting the actions taken during this year to promote competition in financial markets.

First, the CFPB is working to identify the obstacles for consumers to refinance or switch providers more easily. Second, the bureau launched an initiative to save families billions of dollars in junk fees. Third, the CFPB is looking to identify the roadblocks that small financial institutions and new entrants face when challenging dominant players.