PSD2 & open banking

What is PSD2?

The Second Payment Services Directive (PSD2) is European Union legislation that governs payment services and promotes secure open banking. It sets rules for how third-party providers can access payment account information—with your explicit consent—and requires strong customer authentication for many payment operations.

Account information services (AIS)

Under PSD2, Account Information Service Providers (AISPs) can retrieve account data you authorize (for example, balances and transactions) to help you manage your finances. Access is typically read-only and based on consent you give through your bank or an approved connection flow.

OctoWealth helps you see your financial picture in one place. We rely on established connectivity partners (such as Plaid) so you can link accounts where those partners and your financial institution support it. The technical and regulatory relationship for EU open banking is between you, your institution, and the licensed provider facilitating the connection—not a direct PSD2 registration statement by OctoWealth on this page.

Your consent and security

When you connect an account, you go through the provider’s and/or your bank’s authorization flow. That process is designed to meet applicable security expectations, including strong customer authentication where required.

OctoWealth uses read-only access where supported—we do not initiate payments or move money on your behalf through those connections. For more on how we handle data, see our Privacy Policy and Privacy First overview.

If you are in the EEA or UK

PSD2 and related local rules apply to payment services in the EU and EEA; the UK has retained a closely aligned regime. If you use OctoWealth from these regions, your rights and the obligations of regulated entities involved in your account linking are governed by applicable law and the terms of the connectivity provider and your bank.

Questions

For questions about OctoWealth and your data, contact us at support@octowealthapp.com.