Dutch Central Bank grants PSD2 license to fintech Flow

Monday 20 July 2020 09:50 CET | News

A Netherlands-based startup Flow Your Money has been licensed by the Dutch Central Bank as an Account Information and Payment Initiation Service Provider.

Flow received their PSD2 license from the Dutch Central Bank on July 13, 2020. According to the official press release, this announcement makes Flow one of the first fintechs in the Netherlands that can both make payments and view bank transactions on behalf of the customer.

Flow manages users money-flows via a ‘pre-accounting method’ that recognises invoices, automatically saves or deposits money into the correct account, and sets aside VAT. Consumers and companies will soon be able to use the app to manage cash flows.

The fintech’s app automatically divides users’ money between savings goals and budgets. Flow expects this is the next important step for consumers and freelancers in managing finances. For example, a freelancer can set the income tax to be automatically set aside after each paid invoice. The app calculates how high this amount should be.

Currently, Flow works with the European bank bunq while other banks are being added. The app will soon after be available for all of Europe.

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Keywords: Flow Your Money, Dutch Central Bank, Account Information and Payment Initiation Service Provider, PSD2, Bunq, account aggregation, mobile banking
Categories: Banking & Fintech
Countries: Netherlands
This article is part of category

Banking & Fintech

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