Michiel Kwaaitaal, Tribe Lead Payments at Rabobank

The Dutch bank Rabobank has started offering a PSD2 API link for sharing account information. Service providers with a PSD2 license will be able to use this API to develop new services. The customer must always give consent before account information can actually be shared with service providers. Rabobank is also ready to include account information from other banks in the Rabo app. This will soon make it possible for consumers to check their finances at a glance in the Rabo app, where users check their balances almost 2 million times a day.

The EU’s revised Payment Services Directive (PSD2) is set to revolutionize the payments industry. With PSD2, consumers remain fully in control of their bank details. The bank will never share account information without the customer’s consent. Once a consumer has given his or her explicit consent, banks can share customers’ account information with other financial service providers so that they can develop new services. It may be possible, for example, to add an account held with a different bank in the Rabo app.

Michiel Kwaaitaal, responsible for payment transactions on behalf of Rabobank said, “It is an important step now for Rabobank to share the link to account information. We would like to see other financial service providers taking this step too, so that we can offer our customers better information, simplicity and convenience should they so wish.”

Together with around 750 developers, Rabobank has already spent more than six months in the Sandbox test environment using trial data. Earlier this year, Rabobank released the first PSD2 API for payment initiation services, making it the first Dutch bank to take this step. During the coming period Rabobank will gradually be opening various services for financial and other service providers with a PSD2 license. In doing so the bank will explicitly seek collaboration with other financial service providers to develop innovative apps and services, thus enabling customers to have a better overall picture of their finances at their fingertips.

by Megha Bhattacharya
Market Analyst at IBS Intelligence