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New European rules on digital access to bank data

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From 2018, bank customers will be able to give service providers other than their own bank access to financial data held by their bank. Under new European legislation, the revised Payment Services Directive or PSD2, all banks in Europe must facilitate this free of charge.

Business man working at desk in office, while large computer screen with blue tile 'Sharing' emphasizes secure data sharing.

No access without a licence

A service provider that wants access to bank customers’ financial data must apply for a licence from a supervisory authority within the European Union. In the Netherlands, that supervisory authority is De Nederlandsche Bank.

Access only with the customer’s consent

A service provider cannot access a customer’s financial data held by their bank unless the customer gives explicit consent. The customer can withdraw that consent at any time. Beforehand, the service provider must tell the customer how it intends to use the data and may then use the data only for those purposes.

No fee for banks

A bank may not charge the service provider or customer for providing digital access to the customer’s financial data. It must offer this facility free of charge.

More competition and innovation

The new European legislation aims to increase competition in the payments market and encourage innovation in payment services. Possible applications include an accounting firm preparing a clear overview of all income and expenditure across multiple bank accounts for its customers. Another example is a mortgage provider quickly and easily making a new mortgage offer without requiring the customer to complete lengthy forms.

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