PSD2 is an EU directive for electronic payment services. The goal is to contribute to a more integrated and efficient European payments market. PSD2 enables consumers to share their payment data with authorized Third Party Providers, that aim to stimulate new products and services and enhance competition in the financial services market across the European Union. Consumers benefit with more and better services, better financial control and increased protection against fraud.
The API allows you to connect to multiple PSD2 API's through one single surface, removing the need for you to integrate against a variety of different bank API's.
The PSD2 REST API is organized around retrieving bank information from a large number of banks on-demand.
Feel free to test our demo application.
The PSD2 API supports all Norwegian business banks, connect your own accounts to see how it works and what data is available.
Full list of currently supported banks can be found in the About section under Supported banks.
PSD2 can be used for a variety of use cases, below we list some example use cases for PSD2 account information:
Get historical bank data:
- For a whole year and automatically import into the accounting system
- To perform a credit score
- To onboard a new financial service
- Get Real time balances of user's accounts
Sync bank data with an external service
- Integrate an accounting system with your bank(s) and reconcile the bank towards the accounting system.
- Aggregate bank data across different banks to provide a bette financial overview for the end-user
We offer an Open finance platform that offers standardized ERP, settlement and bank data. PSD2 is an important part of our banking API as it gives end-users access to their own bank data via a third party of their choice. Our open banking service is regulated by bilateral agreements with the banks, where the banks often charge the end-user to establish a connection with the bank. The advantage of PSD2 is that it forces the banks to give free access to regulated TPPs with the end-user's consent.
Our value proposition is to offer the best from Open Banking and PSD2. We offer PSD2 as a standalone API and also as an integrated part of our Open Banking API. Our purpose is to give flexibility to use PSD2 alone where the PSD2 bank implementation is mature and aligned with the end-user's needs, and as a hybrid with Open Banking to get the best of both worlds. Today the main benefits with PSD2 over Open Banking is easier and quicker onboarding, access to historical data and access to real time balances. While the Open Banking infrastructure has better use-friendliness with respect to SCA requirements (only for onboarding and payments) and a lot more functionality with respect to available accounts, transaction information and payment types. Today Open Banking is more suited for medium to large businesses, and PSD2 for the smallest segments.