Business regulations and compliance requirements continue to expand across all geographies and industries. In the United States alone over the last 10 years, more than 30,000 new federal regulations have gone into effect — equating to more than 750,000 pages added to the Federal Register (Competitive Enterprise Institute).
Most recently and notably the General Data Protection Regulation (GDPR) went into effect in May 2018, impacting all businesses that process the data of European citizens, with non-compliance penalties of up to 4% of revenue. The European Parliament adopted a revised payment services directive (PSD2) in December 2015, promoting development and use of innovative online and mobile payments through open banking. Likewise all around the globe a small sampling of new regulations show this trend is accelerating and worldwide:
Australia implemented a New Payment Platform (NPP), affecting financial services.
The US Office of the Comptroller of the Currency (OCC) invited Fintech companies to apply for