Open banking

DigitalErwachsene

Banks must share your account data (with your permission) with other providers. This enables multi-banking apps, automatic credit checks and a better financial overview.

Open banking means that banks have to share your financial data with third-party providers via standardised interfaces (APIs) – if YOU allow it.

What does open banking make possible?

• Multi-banking apps: see all your accounts (DKB, Sparkasse, N26) in ONE app
• Automatic credit checks: loan applications in minutes instead of days
• Account switching services: seamless transfer of standing orders
• Budget apps: automatic categorisation of all spending across all accounts

Legal basis: the EU Payment Services Directive PSD2 (since 2018) requires banks to provide APIs. Data is only shared with your express consent.

Security: open banking is secure – third-party providers must be authorised by the BaFin (German financial regulator) and may only read data (not make transfers), unless you explicitly allow it.

Did you know? In the UK more than 7 million people already use open banking services. Uptake in Germany is still lower – but growing fast.

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