Open Banking in Netherlands

Open banking in the Netherlands

In September 2019, PSD2 went live in the EEA. The Netherlands is a frontrunner in fintech innovationand their major banks already offer open banking.

What is Open Banking and PSD2? 

Open banking is banking practice that securely shares financial information such as consumer banking, transactions and other financial data to third-party financial service providers (Estevez, 2020). Sharing data is done through the use of application programming interfaces (APIs) and only with the consent of customers (The Balance, 2020). Open banking is the drive behind both innovation and competition in the financial industry (Cahill, n.d.). 

PSD2 is a European Directive that regulates electronic payment services and was implemented in all EEA countries in 2016 and went live in September 2019.

Open Banking in the Netherlands

The country’s capital has a long history of financial innovation. The world's first central bank was established in Amsterdam and so was the first joint-stock company (I Amsterdam, 2020). Today, Amsterdam is the centre of the Dutch banking sector and fintech hub, making Amsterdam, and therefore the Netherlands, one of Europe’s leading financial centres (I Amsterdam, 2020). 

The Netherlands is a frontrunner in fintech innovation and home to “traditional” fintech business such as payments, asset management and credit provisions (Roell & Godlieb, 2020). Recently, there has been increased activity in sectors such as robotics, machine learning, AI and blockchain (Roell & Godlieb, 2020). Furthermore, the Netherlands has an innovation hub and regulatory sandbox, both of which facilitate innovation and enable fintechs to test these innovations without the risk of infringing on regulatory requirements (Roell & Godlieb, 2020). 

Of all Dutch citizens using the internet, 94% use the internet for online banking, which is 28% above the EU average (DESI, 2020, 10). Additionally, on integration of digital technologies, the Netherlands ranks 4th among EU countries (DESI, 2020, 10). Furthermore, the Netherlands ranks 7th in the EU for digital public services (DESI, 2020, 12). 

The Netherlands has a total of93 banks, the largest of which include ING, Rabobank, ABN Amro, BNG Bank and NWB Bank (van Kempen, 2020).These banks account for about 85% of the total assets of the sector.

How Does Open Banking Work?

Open banking uses an API that allows financial institutions to exchange financial data, usually through a third party-developed application (Estevez, 2020). These applications are developed by up and coming FinTech companies with the mission to improve digital banking.

To access and use the open banking APIs in the Netherlands, you will need to acquire an account information service provider license, issued by the relevant authority. Furthermore, you will require a relevant certificate (QTSPs or eIDAS), compliant with PSD2 requirements. Alternatively, you can use an open banking platform, such as Nordigen


The Balance. (2020, October 11). What Open Banking Is and How It Will Affect You.

Cahill, H. (n.d.).InvoiceFair. The Evolution of Open Banking: Connectivity breeds digital competition.

DESI. (2020). The Netherlands.Digital Economy and Society Index (DESI) 2020, 1-13.

Estevez, E. (2020, August 27).Open Banking. Investopedia.

I Amsterdam. (2020).FinTech in Amsterdam. I Amsterdam.

Roell, W., & Godlieb, C. (2020, June 16) Netherlands: Fintech Laws and Regulations 2020.

van Kempen, P. (2020, December).EBF. The Netherlands’ banking sector: Facts & Figures.




Here is a list of major banks providing Open Banking in Netherlands


Here is a list of major open banking platforms in Netherlands


Nordigen is an authorised Account Information Service Provider. We provide free access to bank data and premium data insights, using regulated PSD2 connections.


Yapily, one of a number of fintech startups that offer an opening banking API to let enterprises, such as financial service providers and merchants, connect to banks. Founded in mid 2017 by Stefano Vaccino, Yapily’s open banking platform makes it easier for various service providers to connect to banks. Specifically, it provides a way to retrieve financial data and initiate payments via a “single secure API” that in turn connects to each supported bank’s open API.


Plaid is a financial services company based in San Francisco, California. The company builds a data transfer network that powers fintech and digital finance products. Plaid's product, a technology platform, enables applications to connect with users’ bank accounts.


TrueLayer is a London-based start-up that helps fintech companies verify accounts and connect their apps to bank data. TrueLayer was founded by Francesco Simoneschi and the company has offices in 5 cities across the world.