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PSD2 consent validity extended to 180 days

  • 08-05-2023
  • 2 min

On the 25th of July 2023 a fundamental change will be announced in the context of the PSD2 regulations. From that date, the validity of a 'consent', or in other words a user's permission to share his or her payment details, will be extended from 90 to 180 days.

What is PSD2?

PSD2 is a European law developed to increase competition and innovation in the financial sector by allowing third parties access to consumers' payment data. This law makes it possible for account holders to share bank transactions with third parties, such as fintech companies. Thanks to this law, we can now use bank transactions for various new useful applications. For example, we can now use bank transactions to provide valuable new insight into the financial situation of the account holder. This can drastically increase the quality of services provided by financial businesses. For instance, being able to give instant real-time advice on whether or not it would be financially responsible to lease a certain car or buy a specific house. Or by automatically making a custom payment arrangement for the repayment of outstanding debts, perfectly matching the ability of the account holder to repay those debts. All this is possible thanks to this new thechnology.

What is the benefit of these changes?

With the extension of the validity of a consent from 90 to 180 days, the various applications become even more user-friendly. Instead of giving permission to share the bank transactions every 90 days, this now only has to be done every six months. This gives our customers more time to convince their customers about the benefits of sharing their payment details, before having to ask for permission again. In addition, this extension allows them to provide a more streamlined user experience, since you do not have to bother users with consent extensions as often. Even more convenience. Of course, the user is always in control and a consent can be withdrawn at any time if the user decides not to share their data anymore.

What does EnableNow do?

We take care of the technical connection with the bank. With our software, we can easily arrange for your customers to give permission to share their bank transactions. We then collect the bank transactions for you and make them available to you via our API or via our online portal. You can decide how you wish to receive the data. This can either be the raw transaction data, but we also offer options to categorize the bank transactions for you and even recognize patterns in the transactions. For example, we can use pattern recognition to determine what the average monthly income of the account holder is or the average turnover in case of a commercial client.

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