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:
- 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.
- 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.
ROOV has license from National Bank of Belgium
ROOV has obtained the Account Information license from the National Bank of Belgium. Soon it will be possible for you to link your bank accounts in ROOV. You will then have a clear overview of your payments with different banks. It is a digital household budget book. You can link your expenses to a category in the ROOV app (house, bills, basics, personal, leisure, transport). You will gain insight into your spending behavior and you will be able to see at a glance where you can save. At this moment we ar still testing the system so that the bank connection will run smoothly for you. We will keep you informed as soon as this service is available in the app.
The following blog articles may also be of interest to you:
- ROOV is licensed by the National Bank of Belgium
- How ROOV obtained its license from the National Bank of Belgium
- 5 reasons why you should have ROOV as your personal finance app
- How to get started with ROOV?
- New Service: ROOV compare
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- 1 million Belgian households could save more than € 500 a year on their energy bill with ROOV