Connecting your bank without worry: how open banking works

The EU’s PSD2 directive gave people the right to share their account data with other services – securely and under the eye of regulators. That’s why apps can show your payments automatically, without retyping statements.

Your password stays at the bank

When you connect, you don’t log into the app but straight into your bank – in its own window or app. The bank asks what you want to share and for how long. The app never sees your login details.

• Read-only: an account information service can’t send payments.
• Consent is time-limited – every 180 days the bank confirms it with you again.
• You can withdraw consent at your bank any time.
• Providers of these services must be licensed and supervised.

The safest password is the one you never hand over. With open banking you don’t have to.

Why it’s worth it

Automatic entries mean nothing gets forgotten and nothing needs retyping. Budgets and overviews stay current, and you spend your time on decisions, not data entry.

We’re preparing the bank connection for Fiplo King – through a licensed provider and with the same rules: read-only, consent for 180 days and cancellable any time.