PSD2 (Payment Services Directive 2) is EU law that modernized payments and gave you more control over your banking data. It requires banks to let you connect licensed third-party apps securely and introduced stronger customer authentication for online payments.

In practice, PSD2 is why you can use budgeting apps with your real accounts and why you confirm payments with a second step. It is the legal foundation of open banking in Europe.

What PSD2 changed

Account information: You can share read-only access with approved apps to aggregate balances and categorize spending.

Payment initiation: Licensed providers can start payments from your account with your explicit consent.

Strong Customer Authentication (SCA): Extra verification for many online and contactless payments reduces fraud.

PSD2 and your security

You never share your bank password with third parties under PSD2. You approve access through your bank or a secure redirect, and you can revoke it anytime. Providers must be licensed and meet strict technical standards.

PSD2 at bunqbunq supports open banking so you can connect your Bank Account to approved tools when you choose. Many features people used to need third-party apps for, such as Budgeting, instant payments, and multi-account views, are built in. Read more about how we protect you on security and secure banking.

Common questions

Is open banking mandatory?Banks must offer secure access interfaces. Using third-party apps is always your choice.

Does PSD2 apply outside the EU?

PSD2 is EU law. Other regions have similar frameworks, but rules differ.