The app works with BudgetBakers to take advantage of the second European Payment Services Directive (PSD2).
Under this European directive, European consumers can allow their bank to share their data with other companies like the app. Since it's your data, you can decide what happens to it.
The European Union has drawn up the PSD2 directive because banks currently have too much power as they have exclusive rights in payments. The aim is to reduce the dominance of banks; Europe wants to partially shift control of banking data from the bank to the customer. The data can be shared with companies that have received special permission from the financial regulator.
Our partner BudgetBakers has been approved by the Czech National Bank as a payment institution providing account information services.
This recognition follows a license application in which BudgetBakers was able to demonstrate that the company has suitable management and an appropriate organization. This means that BudgetBakers must ensure that it has appropriate measures in the areas of internal control, compliance, audit (internal and external), European anti-money laundering policy, risk management policy and conflict of interest policy.