Open Banking Peeled
Open banking peeled. Take the fast lane.
On the 13th January 2018 the new EU regulation, Payment Services Directive 2 (or PSD2), came into effect. Once a customer gives permission and requests their bank to do so, banks are required to share their customer’s data with other third-party providers. This opens the market for customers, who no longer need to feel tied to one bank, giving them the freedom to use different financial institutes for different products and services, for example borrowing. The system is better known as open banking.
What is PSD2?
PSD2 legislation is designed to drive innovation and transparency amongst banks and FinTech companies, reinforce consumer protection and improve internet security where payments are concerned, while also generating greater competition in the market, for the benefit of consumers.
What does it mean for a Peeled customer?
It means we can put your application into the fast lane. By choosing to give us access to your bank account you don’t have to upload bank statements. We get a digital copy of what you would normally upload manually, and we have access to your data for that one request. If you want to apply to Peeled Finance again in the future, we’ll need your permission to view your data again.