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In Business / High School | 2025-07-08

Which of the following frameworks supports cross border compliance for payment services? (A) ISO 8583 (B) GDPR (C) PSD2E (D) SWIFT GPI

Asked by kayabwaller3349

Answer (1)

The question is about frameworks that support cross-border compliance for payment services. The payment industry involves several frameworks and protocols to ensure secure and efficient transactions, especially across different countries and jurisdictions. Let's look at each of the given options to determine which one fits the criteria:
(A) ISO 8583 : This is a standard for systems that exchange electronic transactions made by cardholders using payment cards. It primarily deals with point-of-sale transactions and is not specifically focused on cross-border compliance.
(B) GDPR (General Data Protection Regulation) : GDPR is a regulation in EU law on data protection and privacy in the European Union and the European Economic Area. It is not specific to payment services but rather to the protection of personal data.
(C) PSD2 (Payment Services Directive 2) : This is a directive by the European Union aiming to make payments safer, increase innovation, and help banking services adapt to new technologies. PSD2 does have cross-border compliance implications, as it facilitates regulation and standardization across the EU member states.
(D) SWIFT GPI (Global Payments Innovation) : SWIFT GPI is designed to improve the cross-border payments experience, making it quicker, more transparent, and traceable. It is highly relevant to cross-border compliance as it provides a framework for tracking payments across financial institutions globally.
After reviewing these options, (D) SWIFT GPI seems to be the most focused on supporting cross-border compliance for payment services. It specifically deals with international payments and is widely acknowledged for improving the efficiency and transparency of such transactions.

Answered by LiamAlexanderSmith | 2025-07-22

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