Payment Services Directive

Firms that provide specialist knowledge-based services such as consulting, engineering, IT services, legal advisory, and financial analysis. KIBS firms are characterised by high intangible asset intensity, with the majority of their enterprise value derived from human capital, client relationships, proprietary methodologies, and reputation.

A regulatory and technological framework that enables third-party financial service providers to access consumer banking data through secure APIs, with the customer's explicit consent. In the UK, open banking was mandated by the CMA's Open Banking Remedy (2018) and is governed by the Open Banking Implementation Entity.

A technology service that authorises and processes electronic payment transactions between merchants and acquiring banks or payment processors. Payment gateways encrypt sensitive payment data, route transactions to the appropriate card networks, and return authorisation responses in real time.

A mandatory conformity marking for products sold within the European Economic Area, indicating that the product meets EU health, safety, and environmental protection requirements. For medical devices, CE marking under the Medical Device Regulation (MDR 2017/745) requires conformity assessment by a Notified Body, clinical evaluation, and ongoing post-market surveillance.

An international regulatory framework developed by the Basel Committee on Banking Supervision that sets minimum capital requirements, leverage ratios, and liquidity standards for banks. Basel III was introduced in response to the 2008 financial crisis and requires banks to hold higher-quality capital (primarily Common Equity Tier 1) against risk-weighted assets, including operational risk and market risk.

The integration of financial services — such as payments, lending, insurance, or investment — directly into non-financial platforms and customer journeys. Embedded finance enables companies like e-commerce platforms, SaaS providers, and gig economy marketplaces to offer financial products without becoming licensed financial institutions, typically through Banking-as-a-Service partnerships.

The General Data Protection Regulation (EU 2016/679), a comprehensive data protection law that governs the collection, processing, and storage of personal data of individuals within the European Economic Area. GDPR imposes strict requirements on data controllers and processors, including lawful basis for processing, data minimisation, breach notification within 72 hours, and fines of up to 4% of global annual turnover for non-compliance.

The EU regulatory framework (Regulation 2017/745) governing the design, manufacture, and distribution of medical devices in the European market, which replaced the Medical Devices Directive (93/42/EEC) with significantly stricter requirements. MDR imposes enhanced clinical evidence requirements, more rigorous conformity assessment procedures, a Unique Device Identification system, and comprehensive post-market surveillance obligations.