What is PSD2?

What is PSD2 all about and what’s in it for you? Learn how we can help you optimise and simplify your personal finance.


  • PSD2 or in full Payment Service Directive 2, is a European directive on payment services.
  • It is a directive that obliges all banks, when a customer request it, to share the accounts and the information in those accounts with an authorized third party, licensed by the National Bank of Belgium.
  • As a user, you can only give permission to third parties who have obtained a license from the National Bank of Belgium. This license is only granted after a thorough screening of the company, compliance and IT security. 
  • You can rest assured your data is safe, as these parties are bound by strict regulations

What is the purpose of PSD2

PSD2 was created to create more transparency and competition in the financial sector. It allows new, young players to enter the market to create value for the user. It is a directive that applies everywhere in Europe. 

Account information and payment initiation

With access to checking accounts enabled through PSD, this creates 2 services:

  1. Payment initiation services: you have permission to the authorized party to withdraw an amount from your account. For example, you wish to pay an invoice directly from an app. 
  2. Account information services: where you allow the third party to access your payments, they can then present them in a clear statement or online household budget book.

What are the advantages?

  • PSD2 applies to all European banks
  • You choose whether you want to share your data
  • To provide account information services, you need a license from the National bank of Belgium. The National Bank acts as a supervisor in Belgium. Sharing your data with a company that has obtained a license from the NBB is therefore safe. Your payment data and its processing is strictly regulated. 
  • Link documents/invoices,... to your bank transactions. 

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