Rabobank to offer access to other bank accounts in mobile app

Dutch bank Rabobank plans to update its mobile banking app so customers can access also details on accounts at other banks. The new feature will be possible once the EU's PSD2 directive takes effect, which requires banks to share such information. 

The Payment Services Directive 2 was agreed in 2015 and was expected to be implemented in national law by 13 January this year. The Netherlands did not meet the deadline; the legislation to transpose the directive is still going through parliament. The government aims for it to take effect from 01 June. 

Rabobank already works with one other bank to integrate its info in the Rabo Bankieren app. The company shared APIs with the bank Bunq to support the exchange of info. 

ING is also working on the app Yolt, a similar 'omni-bank' app to offer access to multiple banks and services. Other financial service providers can also gain access to banking balance info based on the new EU directive. They need to apply first for a licence from the Dutch Central Bank. Rabobank said it's already in talks with several such providers.