Managing accounts with other banks through ABN AMRO

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From now, ABN AMRO clients who also have current accounts with other banks will be able to access these accounts in ABN AMRO’s Mobile Banking app and Internet Banking. By integrating details of the accounts clients hold with several banks, they will have a better picture of their finances. Like ABN AMRO, banks wishing to join this initiative will need to have the technology in place for PSD2. Clients will, of course, be able to decide themselves whether they wish to share this information.

Complete picture in Mobile and Internet Banking

One of the banks that recently announced it was ready to share clients’ payment information at their specific request is Rabobank. From today, the first groups of ABN AMRO retail clients who also have a current account with Rabobank will be able to view their payment details in ABN AMRO’s Mobile Banking app and Internet Banking. They will first need to instruct Rabobank to share this information, such as bank balances and transactions. With multibanking, clients will be able to see at a glance what their financial situation is. Other banks are expected to follow suit shortly.

Staying on top of income and expenses

In addition to the Mobile Banking app and Internet Banking, ABN AMRO also has the Grip app. This app automatically puts income and expenses into categories, such as daily groceries. Users can set a budget for each category and will receive a push message when the budget has almost been used up. As things stand now, the app is available only for ABN AMRO and Bunq Premium clients, but Rabobank clients will soon also be able to use the app. This is a useful tool as many people in the Netherlands bank with more than one bank. Combining all sources of income and expenses in one app creates an automated, digital household budget planner.

New options thanks to PSD2

From next week, ABN AMRO account holders will be able to inform the bank that they wish to share their payment details with other banks or financial institutions. ABN AMRO has the technology in place to be able to meet such requests, provided of course that the client’s other financial services provider is also ready for PSD2. Clients will, of course, be able to decide themselves whether they want this information to be shared.

These new options have been created by the introduction of the new European payment services directive, PSD2. The new legislation paves the way for bank clients to give third-party providers access to their online bank accounts. This will enable clients to instruct their banks to upload payment details to financial apps, for example, or to combine transaction details of different banks in order to better manage their finances. The Dutch central bank DNB and the Dutch National Forum on the Payment System, MOB, recently launched a large campaign to inform the general public about the implications of, and possibilities created by the new directive. More information is available at https://psd2bankieren.nl/ (in Dutch only).

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