Never seen this before but Emma and others are capable of connecting to Revolut, so it’s relatively ludicrous that Outbank is saying that it isn’t possible for them to do so
Their logic is that they’re not processing account data. It all happens on a user’s device. They designed their product based on a zero knowledge privacy strategy. Which is great. But this use case is somehow outside the PSD2 regulation, because, technically, not Outbank is accessing an account, it’s the user themself, via the Outbank software, installed on a device owned by the user. It’s a direct access, not via a third party service.
But to me it now seems to be an excuse not to adapt PSD2 APIs. Instead of registering themselves, they could rely on third party account aggregators. They could, for example, keep their “zero knowledge” approach for accounts where it works (most legacy banks in Outbank’s home market), and only use PSD2 APIs for neobanks that don’t provide access via outdated standards.
Honestly, I think it’s about money. Outbank has problems to monetize their business model. It’s a free app, and their only approach currently to generate revenue is a half assed integration with Verivox’s price comparison database (Outbank is owned by Verivox). So they are currently just reluctant to invest in this.
Moneymoney introduced a PSD2 API subscription (10 EUR/year) for users that want to connect to banks that way, which seems fair to me.
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+1
Definitely a good feature useful to an increasing lot of people with dev/tech capabilities.
+1
Looking for the option to get an outbound notification/webhook/push whenever I pay for something.