Open banking is a system that lets you securely share your financial data with approved apps and services. Instead of keeping all your banking information locked inside one institution, open banking gives you the freedom to connect your accounts to tools that help you manage your money better.

The idea is simple: it’s your data. Open banking puts you in control of who can access it and what they can do with it.

How open banking works

Open banking works through secure connections called APIs (Application Programming Interfaces). These allow approved third-party apps, like budgeting tools, accounting software, or other financial services, to read your account data or, in some cases, initiate payments on your behalf.

You always stay in control. You give explicit permission before any data is shared, and you can revoke access at any time. The data travels through encrypted channels, and providers must meet strict security standards to be approved.

In the EU, open banking is governed by the Payment Services Directive (PSD2), which means licensed banks are legally required to give you the option to share your data securely with approved third parties.

What open banking can do for you

The practical benefits of open banking come from the apps and services it makes possible. For example:

See all your accounts in one place, even if they’re at different banks

Automate expense tracking and Budgeting with apps that read your transaction history

Pay bills or move money through third-party services without logging into your bank each time

Share bank statements directly with accountants or lenders, without printing anything

For business owners, open banking unlocks tools for invoicing, cash flow management, and bookkeeping integrations that save real time.

Open banking at bunqbunq supports open banking standards, which means you can connect your Bank Account to approved third-party apps. You stay in control of what’s shared and when.

bunq also offers its own payments infrastructure built for the way money moves today: instant transfers, multiple accounts, and real-time notifications. Whether you’re managing personal finances or running a business, bunq gives you everything you need to stay on top of your money, in one place, without needing to stitch together a dozen separate apps.

To learn more about how bunq keeps your data secure, visit the security page.