Thanks to the European PSD2 directive, you can choose to securely share certain payment account data with licensed third-party providers. For self-employed professionals, that can create new opportunities, including at ING. Not because your banking data is suddenly “open”, but because you gain more control of how your financial data can support your business. From clearer cash flow insights to a smoother credit assessment.
"}},{"componentType":"sectionTitle","title":"What is PSD2?"},{"alignedImage":{"position":"top","extension":"jpg","original":"https://assets.ing.com/asset/20775947-e886-4dbc-93b2-012fc911c344/Artikel-PSD2-open-versus-closed-banking.jpeg","transformBaseUrl":"https://assets.ing.com/transform/20775947-e886-4dbc-93b2-012fc911c344/Artikel-PSD2-open-versus-closed-banking"},"componentType":"paragraph","richBody":{"value":"PSD2 stands for Payment Services Directive 2. It is a European directive on payment services, designed to make payments safer, more innovative and more competitive. It sets out rules on consent, access to payment accounts, account information, payment initiation and authentication.
In practical terms, PSD2 allows your business account to work securely with authorised or licensed external service providers, often referred to as third-party providers. These can include accounting tools, financial platforms or payment services.
A third-party provider does not automatically gain access to your banking data. You decide whether to give consent, for what purpose and for which data or function. Depending on the service, the provider may be able to access account information, such as balances or transactions. Or it may be able to initiate a payment, which you still need to approve yourself.
This is what is often called open banking. It does not mean that anyone can investigate your account. It means that your business payment account can, in a controlled and secure way, connect with other financial or administrative services. A third-party provider only gets access to what is needed for the service you choose, and only for as long as you give your consent.
"}},{"componentType":"sectionTitle","title":"What does PSD2 mean for your business?"},{"componentType":"paragraph","richBody":{"value":"For many self-employed professionals, banking can still involve a lot of admin: collecting figures, uploading documents, sharing the same information more than once. PSD2 can make this easier by allowing your business account to work securely with financial tools, accounting software or credit processes, always with your consent. This means an authorised or licensed service provider can receive structured access to data from the business payment account you select for that specific service.
For your business, this could mean:
By securely sharing account information, a financial partner can gain a clearer view of how your business is doing today: how stable your income is, how your expenses are evolving and what your cash flow says about your financial health. With your consent, PSD2 can make this information available based on recent account data, rather than relying on balance sheet figures that mainly look back on a completed financial year. This does not guarantee financing, but it can help support your credit application, reduce administrative work and, at ING, make the financing process smoother.
"},"title":"Better insights for credit and financing"},{"componentType":"sectionTitle","title":"How does PSD2 work?"},{"componentType":"paragraph","richBody":{"value":"PSD2 always works on the basis of your consent. You actively choose which service gets access, for what purpose and for how long.
In practice, it usually works like this:
SCA stands for Strong Customer Authentication. It is an extra security step used to confirm that you really are the person logging in, giving access or approving a payment.
It usually combines at least two of the following three elements:
For self-employed professionals, SCA may be required when logging in to a business banking environment, approving a payment or giving a third-party provider access to account information via PSD2.
"}},{"componentType":"sectionTitle","title":"Is it safe to share banking data through PSD2?"},{"componentType":"paragraph","richBody":{"value":"Yes. PSD2 was designed with clear security rules. Access to account information does not happen automatically. The external service provider requesting access must be authorised or licensed, and you must give explicit consent. PSD2 also includes rules on access to payment accounts and Strong Customer Authentication.
That said, it is still important to stay alert. As with any digital service, you should always know who is asking for access and why.
Before giving consent, check:
The key rule: never share your secret codes, passwords or personal security credentials with anyone else. A legitimate PSD2 connection will not ask you to provide those details directly to an external party.
"}},{"componentType":"highlight","richBody":{"value":"With PSD2 and your consent, ING can use relevant account information faster and in a more structured way to assess your credit application. That means less administrative hassle and a smoother path to financing. Discover ING’s financing solutions for professionals.
Already an ING customer as a self-employed professional or SME? You can complete your application for up to €100,000 in only 5 minutes. New customers may receive a credit decision within 48 hours, with support from a credit adviser to help find the right solution.
"},"title":"Smoother financing for your business"},{"componentType":"sectionTitle","title":"Frequently asked questions"},{"accordionList":[{"richBody":{"value":"The licensed third party, also known as a Third-Party Provider (TPP), is an external payment service provider that operates strictly in accordance with the Payment Services Directive 2 (PSD2) regulations. This means that this third party can access bank accounts in order to provide services and may only access data if you have given explicit consent. These TPPs are required to be registered and authorised by a national supervisory authority, such as the National Bank of Belgium (NBB). You can consult these licences and the specific role of a TPP via official licence registers.
"},"title":"1.\tWho is the (licensed) third party in an open banking environment?"},{"richBody":{"value":"That depends on the service and on the consent you give. It may include account details, balance information or transactions on your business payment account. A third-party provider only gets access to data from the accounts for which you have given consent.
"},"title":"2. What banking data can a third-party provider see through PSD2?"},{"richBody":{"value":"No. A payment can only be initiated with specific consent and confirmation through a secure environment, often using Strong Customer Authentication. PSD2 does not allow anyone to take money from your account without your approval.
"},"title":"3. Can a third-party provider make payments through PSD2 without my approval?"},{"richBody":{"value":"This is determined per business account and depends on the access rights and mandates linked to that account. These rights define who can activate, manage or withdraw PSD2 connections.
"},"title":"4. Who within my business can give PSD2 consent?"},{"richBody":{"value":"The technical PSD2 connection is legally limited in time to 180 days.
At certain points, your payment service provider and account-servicing bank may ask you to reconfirm that a service can continue to retrieve data from the accounts you selected.
You can also withdraw your consent at any time.
"},"title":"5. How long does my PSD2 consent remain valid?"},{"richBody":{"value":"A bank statement is uploaded manually and shows data from a specific period. Through PSD2, account information can, with your consent, be made available in a more structured and up-to-date way. This can be useful, for example, when applying for credit.
"},"title":"6. What is the difference between PSD2 and uploading a bank statement?"},{"richBody":{"value":"No. You decide whether to connect a service to your business account and give consent. PSD2 is mainly useful when it helps reduce manual work, improve financial insight or make a process smoother.
"},"title":"7. Is PSD2 mandatory for entrepreneurs?"}],"componentType":"accordion"}]},"hasMacro":false,"id":"62c6c175-ad79-4abd-925a-461ac6157526","legalZone":{"flexComponents":[{"componentType":"paragraph","richBody":{"value":"This article is provided for information purposes only and is based on the legislation currently in force, which may change in the future. We therefore recommend that you consult the relevant authorities for the most up-to-date rules and requirements. In addition, we advise you to seek professional advice before making any decision. ING Belgium SA/NV cannot be held liable for decisions taken on the basis of the information provided, except in cases of gross negligence.
"},"title":"Disclaimer"}]},"localeString":"en-GB","mainHeaderZone":{"backLink":{"textLink":{"text":"I protect my business","url":"/en/business/news/secure-business"}},"componentType":"editorialHeader","coreHeader":{"body":"As an entrepreneur, you may have heard the term open banking before, without being entirely sure what it means for your business. Yet the idea behind it is already part of everyday banking. More and more payments and banking services now happen through digital tools outside the traditional banking environment. Think of Apple Pay or Bancontact Pay, the successor to Payconiq. Open banking builds on that same shift, but goes beyond digital payments.","headerImage":{"extension":"jpg","original":"https://assets.ing.com/asset/17cc898a-7ad9-4bce-8b33-8c6b3c71bc5d/Artikel-PSD-2.jpeg","transformBaseUrl":"https://assets.ing.com/transform/17cc898a-7ad9-4bce-8b33-8c6b3c71bc5d/Artikel-PSD-2","type":"image","width":1920},"title":"PSD2 for entrepreneurs: what open banking means for your business"},"date":"2026-08-24","readingTime":5},"publishDate":"2026-09-04T13:40:13.734+02:00"}}