From 90 days to 180 days: Real-time banking information through Open Banking and Smart Accounts with a single consent every 6 months
What does this change mean?
July 25th, 2023, represented a fundamental change in the PSD2 regulations that brings more comfort to users and beneficiaries of the account information service through Open Banking. As of this date, the validity period of a user's consent or permission to read data from their bank accounts with the help of an authorized service has been extended from 90 days to 180 days.
Open Banking technology has been radically changing financial operations for 2 years already in Romania with the authorization by the National Bank of Romania of Smart Accounts - the first locally developed information solution on bank accounts.
For financial accounting departments, credit institutions, and any situation where account statements are necessary, Smart Accounts provides the requested data instantly, in real-time, centrally, and directly in the financial application to which it is connected.
Access to information by interrogating bank accounts, automatically or at the request of the user, is done securely and only with the permission of the account holder or legal representative through the online authorization of his consent in the banks from which he requests the data.
What benefits do you have?
The introduction of a validity period of consent was considered necessary for effective control over data access. Extending the validity period to 6 months offers:
Improved experience of using the service: you no longer need to renew your consent frequently - you grant it only once and you have access to your bank balances and transactions for 6 months!
You have optimized access: by extending the validity period, your company's bank information is accessible to you and your team whenever you need it, for longer.
Save time: reduce consent management associated with frequent renewals.
We hope that this important change, part of the dynamic evolution of Open Banking services that we bring to you through our solutions, Smart Accounts and Smart Pay, offers you even more efficiency.
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