ING PSD2 disaster

Hey, I would like to start with multibanking and it seems that Zuper is one of the best solutions for Austrian guys. What about integration of ING bank accounts? I read a lot about the current disaster, that ING on the one hand stopped FinTS and on the other hand is not ready with PSD2.

Any general statement from your side regarding PSD2? I assume it’s a big issue for FinTechs like Zuper. Banks take the chance to cut their standard interfaces they need to provide (HBCI, FinTS, PSD2) with the excuse that PSD2 need longer to be implemented.

If ING will not speed up, I intend to change the bank! Any recommendations of banks that do support PSD2 perfectly?

BR, Grisu

Hi Grisu,

Thank you for reaching out, and for considering Zuper for your multi-banking needs!

In principle PSD2 is a great initiative. However, its implementation does come with some challenges and also some limitations. Since most of the major Financial Institutions that we connect to are in the process of updating the way they provide access to customer data, we are required to constantly monitor the landscape and adjust our interfaces as quickly as possible to minimise the risk of service interruptions. Even then, unfortunately there are instances where some level of disruption is unavoidable for reasons beyond our control, in which case all we can do is to inform our users and keep them updated to the best of our ability.

Back to your ING question – based on the latest information we received, major banks in Austria that now support XS2A/PSD2 include BKS, BTV, Oberbank, Unicredit and Volksbanken. There are other institutions not included in this list that do support XS2A. However, unfortunately ING is not one of them, and we don’t have an ETA for when they will update their interfaces.

One important note regarding the limitations that I mentioned above – the fact that a bank supports XS2A/PSD2 doesn’t mean that its customers could potentially access all their financial data through Zuper. PSD2 dictates how data that belongs to ‘payment accounts’ should be exposed to TPP (Third Party Providers). Other types of accounts that fall under different frameworks will be exposed through different interfaces (like FinTS or web-scraping), which are supported to different degrees by Financial Institutions in different countries. If you have an account with us, you may have seen an email we sent out a few days back announcing that as a result of a directive from the Austrian Financial Market Authority, we were forced to disable web scraping services for banks in Austria. On top of all of this, it seems that the definition itself of ‘payment account’ may vary slightly from one institution to the other, making it very hard for FinTechs and ultimately customers to navigate all this ambiguity.

Where does this leave us? If you feel unsatisfied with your current bank you can always open an account with any of the Financial Institutions mentioned above and see how they perform. That being said, PSD2 is a European directive and European banks will need to comply with it, sooner or later, so we are optimistic that things will clear up in the near future (we have to be!). If you do go ahead and experiment with other banks please feel free to come back to us and let us know how you get on. This type of feedback is always very helpful to us, and I am sure other Zuper users on this forum would benefit from it.

Thank you again for your message, and we hope to hear back from you soon!