For retrieving bank transaction data from the banks, it is useful to understand the basis on how this is performed safely and according to the law.
The European Union has introduced legislation under the name PSD2 for the collection of bank transaction data. This stipulates that financial organizations can obtain a license from De Nederlandse Bank (DNB) to offer this service. These organizations must adhere to various rules so that data can be retrieved and shared securely and with the protection of the bank account holder.
One of these organizations is Invers B.V.. The Financial Passport Foundation works together with Invers B.V. to enable the user of the FP-app to retrieve his/her bank transaction details securely. In addition, Invers B.V. categorizes the bank transactions into income or expenditure so that a legible household cash book is created.
The link between the FP-app and Invers is geared to the purpose for which Financial Passport offers the FP-app: to provide a Financial Insight. This means that the retrieved data will be included in the FP-app and will only be stored there. To do this, a link is made between the FP app and your bank’s app, which is also on your mobile phone.
No data remains with Invers. Also, the permission for Invers to retrieve this data is revoked immediately after delivery to the FP-app, so that no access rights are left open. This allows the FP-app to safely retrieve the data and include it in a readable format in the Financial Passport.
Bank transaction data can only be retrieved from normal bank accounts, not savings and investment accounts. Transaction data is retrieved by establishing a link between the FP app and the bank’s app that must be on the same device. This means that only bank accounts that can be opened with the bank’s app on the same device, can be linked.