Rabobank opens PSD2 store for payment initiation services

Rabo app will also be renewed. Consumers will stay in control of their data.

Today Rabobank will start offering an API link for payment services to financial service providers. It is the first Dutch bank able to offer companies with the proper PSD2 license the opportunity to develop new services.

Following the recent implementation of PSD2 rules for sharing bank details it is not yet possible to state exactly which services will be developed. There are, of course, several obvious examples. In future, after a consumer has given his or her explicit permission, he or she will, for example, be able to pay for a purchase directly in the app of the webstore itself. It will also be possible to make future and regular payments. In addition, it is conceivable that companies will be able to pay invoices directly using online accounting software.

Michiel Kwaaitaal, responsible for payments on behalf of Rabobank: “After a six-month trial period we are opening the doors and are now able to offer the first link for innovative payment services. The aim is to offer consumers and businesspeople greater understanding, simplicity and ease in managing their money.”

Ready for the next step

Together with 550 developers Rabobank has already spent six months in the 'Sandbox' test environment with trial data. Today the API payment initiative is going live and in the period ahead we will gradually be opening various services for financial service providers with a PSD2 license. In doing so the bank will explicitly seek collaboration with other financial service providers to develop innovative apps. These apps can help keep budgets in order or when lending to companies.

Rabo app will also be renewed

With the implementation of the PSD2 regulations, Rabobank sees more possibilities for renewing services to customers even further. For example by offering consumers additional options in the Rabo Bankieren App in the next few months, providing customers with more information about their money matters. A specific existing example is the link that already exists with bunq, which allows account holders with this bank to conduct their banking through the Rabo app as well. As soon as other banks have their links ready, Rabobank will start developing innovative products and services. The prime considerations for Rabobank in this respect are security, care and reliability. Consumers will remain fully in control of their bank details and will be able to manage access via the Rabo app with the touch of a button. Rabobank will never share customer details without the explicit permission of the customer.

Alexander Zwart, responsible for the Rabo Bankieren App: “People check their bank balances in our app almost 2 million times a day. The new possibilities provide our customers with even more information. Not just about their Rabo bank accounts. In a few months, the Rabo app will give consumers a clear breakdown of their financial situation from A to Z, as soon as this is requested by the consumer.”

Published: 5 April 2019, 16:00 CET

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