Open Banking (PSD2) in Poland — Explained

Quick Answer

Open banking is a system where banks share your account data (with your consent) with third-party apps through secure APIs. In Europe, this is regulated by PSD2 (Payment Services Directive 2). In Poland, open banking has been live since 2019 — all major banks support it (mBank, ING, PKO BP, Santander, Millennium). It's secure, regulated, and gives you greater control over your finances.

What Is Open Banking?

Open banking is built on one principle: your financial data belongs to you, not your bank. With open banking, you can:

• View all accounts in one app (even from different banks)
• Automatically categorize spending without manually exporting statements
• Initiate payments directly from a fintech app
• Compare financial products based on your actual data

Instead of logging into 3 banks separately, one app sees everything — and helps you manage your money.

How PSD2 Works in Poland

Legal Framework

PSD2 (Payment Services Directive 2) is an EU regulation that:

1. Requires banks to provide APIs (Application Programming Interfaces)
2. Licenses new players — TPPs (Third Party Providers)
3. Protects consumers — requires Strong Customer Authentication (SCA)
4. Ensures control — you decide who sees your data

In Poland, PSD2 came into effect on September 14, 2019, implemented through the Payment Services Act.

Types of Open Banking Services

The Authorization Process

1. You open a fintech app (e.g., a financial aggregator)
2. Select your bank
3. You're redirected to your bank's website/app
4. Log in and approve access (via SMS code or biometrics)
5. The app receives access to the selected data
6. Consent is valid for a maximum of 90 days — then you need to renew it

Important: the fintech app never knows your bank password. Authentication happens exclusively on your bank's platform.

Which Polish Banks Support Open Banking?

All banks in Poland are legally required to provide PSD2-compliant APIs. In practice, implementation quality varies:

Is Open Banking Secure?

Yes — and often more secure than alternatives (like sharing login credentials). Here's why:

Security Mechanisms

• Strong Customer Authentication (SCA) — always requires 2 factors (password + SMS/biometrics)
• Limited access — the app only sees what you explicitly consent to
• No password storage — your bank login credentials never leave the bank
• End-to-end encryption — data transmitted over encrypted channels (TLS 1.3)
• KNF supervision — licensed TPPs are regulated by Poland's Financial Supervision Authority
• Time-limited consent — maximum 90 days, then you must renew

What an App with PSD2 Access CANNOT Do

❌ Change your password ❌ Open a new account ❌ Take out a loan in your name ❌ Transfer money without your additional authorization (for PIS) ❌ Access data you haven't explicitly consented to

Apps Using Open Banking in Poland

Aggregators and Financial Tools

• Kontomierz — one of the first account aggregators in Poland
• Finax — robo-advisor with bank integration
• Freenance — Financial Freedom Runway monitoring (building toward open banking integration)

Payments

• Przelewy24 — payment gateway using PIS
• Tpay — instant payments via bank API
• Paynow — e-commerce payments

Comparison and Advisory

• Comperia — financial product comparison
• Finai — AI-powered financial advice

Why Freenance Is Building Open Banking Integration

Freenance is working on open banking integration to:

1. Automatically import transactions — no more manual CSV/MT940 file uploads
2. Update balances in real time — your Financial Freedom Runway always up to date
3. Better categorize spending — more data = better AI categorization
4. Show the complete picture — all accounts, banks, and cards in one place

Currently, Freenance supports manual import (CSV, MT940) from mBank, ING, PKO BP, and other banks. Open banking integration is the next step — eliminating the need for manual exports.

PSD3 — What's Coming Next?

The EU is working on PSD3 and the related PSR (Payment Services Regulation), which will:

• Expand scope to insurance and investments (Open Finance)
• Standardize APIs — one standard across the entire EU
• Improve consent dashboards — easier management of who accesses your data
• Make instant transfers the default standard

Expected timeline for PSD3: 2026–2027.

FAQ

Do I have to use open banking?

No — it's entirely voluntary. If you don't want to share bank data with apps, you don't have to. But you'll miss out on the convenience of automatic transaction imports and financial analysis.

Can a bank refuse to share data?

No — PSD2 requires banks to provide API access. If a bank blocks access without justification, it can be reported to the KNF (Financial Supervision Authority). In practice, issues relate more to API quality than access denial.

How do I revoke open banking consent?

You can revoke consent at any time — in your banking app or directly in the fintech app. After revocation, the app loses access immediately. Consent also expires automatically after a maximum of 90 days.

Is open banking free?

For consumers — yes. Banks cannot charge for sharing data through PSD2 APIs. Fintech apps may have their own pricing models (subscriptions, commissions), but API access itself is free.

What data does open banking share?

It depends on the consent scope. Typically: account balance, transaction history (income and expenses), sender/recipient details. The app does NOT see your password, PIN, or card details (unless you give separate consent).

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