This guide is written with MoneyWiz for Mobile in mind. Need one for Desktop? Click here!
PSD2/Open Banking are new laws in Europe that require banks operating in Europe to make it possible for third-parties to extract banking information from customer accounts (with their consent) so that they can take the data and display it somewhere else. This allows MoneyWiz to cooperate with Salt Edge (one of our Online Banking partners) to securely transfer data from your bank to MoneyWiz.
Even though PSD2 went live on 14 September 2019, a lot of work is still happening in many places to make it operate properly. MoneyWiz is PSD2-ready but sadly it does not mean that all European banks are available using the new protocol. There are 3 possible reasons for this:
- the bank applied to your country's financial governance institution for an extension to the 14 September 2019 deadline and was granted it -- this means that the bank was given more time to prepare for PSD2 and their technology does not yet allow us to connect,
- the bank did prepare for PSD2 but their implementation is so unstable and buggy that Salt Edge cannot make the integration available just yet and has to wait for bank to fix reported issues,
- the bank did prepare for PSD2 and their integration is working OK but Salt Edge is still working on adjusting their systems to that bank's integration.
That being said, Salt Edge is making new PSD2-enabled banks available on nearly daily basis so chances are that your bank is already available under the new protocol!
Check if your bank is PSD2-enabled
To begin, start adding a new account, check the selected country and then tap on "Search all banks". Enter the name of your bank in the list of banks that appears. You will see something like this:
The flags on the left represent countries, the bigger text is the bank/institution name and the smaller text below is the integration protocol used for the connection. If the bank/institution name includes phrase such as PSD2 or Open Banking, this connection is provided via PSD2 protocol. If it does not have that in the name, it's not using that protocol. If that's the case, make sure to request it to be added via this link! This way you'll also be notified once it's added.
How do I change the connection to PSD2-enabled bank?
If your bank is already supported by PSD2 (yay!), you should use it to connect to your bank. If your accounts are not yet connected to Online Banking, you should connect them now. If your accounts are already connected to Online Banking, you should first disconnect them (telling MoneyWiz to keep downloaded transactions) and then connect again. You will find this guide helpful in disconnecting/connecting your accounts and this guide when connecting to PSD2-enabled banks in particular.