Introduced on 14 September 2019, PSD2 is here to make bank account aggregation and payment initiation from all your accounts at various banks easier. The purpose of the regulation is to open up transaction banking in order to allow third party providers to develop new, innovative services that you can benefit from.
These services are based on three types of application programming interfaces (APIs):
- AIS: Account Information Service, containing balance and transactions
- CAF: Confirmation Availability of Funds, indicating yes or no if there is sufficient available balance for a specific transaction
- PIS: Payment Initiation Service, where different types of payments can be initiated
The advantage of the PSD2 APIs is that you don’t have to sign a SWIFT contract or other contracts to use these services. You can grant any registered third party provider access to your accounts. ING will never provide access to your account without your consent.
How does it work?
Working with PSD2 services is very similar to working with your regular ING access. You use the same authentication and authorisation as you do for InsideBusiness. Before you can grant a third party access your accounts, you have to register the designated users. After that, the user logs on to the third party application and you can start granting access for AIS and CAF and using PIS. You can now access your accounts in 17 European countries via one API, welcome to PSD2!
So what’s next?
ING welcomes PSD2 wholeheartedly. We have been working closely with regulators, developers and other parties to ensure the legislation opens up our industry, makes it more secure, encourages innovation and offers you more choice on how you manage your accounts and make payments online. The new PSD2 environment fits perfectly with our strategy, empowering people to stay a step ahead in life and in business. By partnering with third party providers, we expect innovation to increase and see this as a step forward towards an open banking digital ecosystem. Ask your representative for more information.