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In Sweden the banks are required to share data with other entities at the request of the bank customer. So I could intall the Tink app or whatever, and connect
by progre 5y ago
In Sweden the banks are required to share data with other entities at the request of the bank customer. So I could intall the Tink app or whatever, and connect to my bank through the app. I think the data formats are even somewhat standardized. Basically the banks where dragging their feets in implementing better customer services and the government slapped them with the sharing requirement.
- rmesters 5y agoYes, this applies to all 31 European Economic Area countries. It covers ~6,000 banks in total and requires banks to build APIs that provide free access to banking data (for licensed AISP companies) and payment initiation services (for licensed PISP companies). This is regulated under PSD2 (Payments Services Directive 2).