In September 2019, PSD2 went live in the EEA.Poland is the biggest fintech market in Central and Eastern Europe and already offers open banking.
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, was implemented in all EEA countries in 2016 and went live in September 2019.
Poland is the biggest fintech market in Central and Eastern Europe, with an estimated value of €856m and around 190 financial innovation businesses (Microfinance Centre, 2019, 5). The capital, Warsaw homes 45% of startups in the country and is also a hub for fintech in the region (Microfinance Centre, 2019, 5).
Poland is investing in and promoting digital technologies. The government has launched initiatives including the Foundation Future Industry Platform with the goal to increase competitiveness of entrepreneurs by supporting their digital transformation (DESI, 2020, 11). Furthermore, Poland’s Digital Innovation Hubs service and support the digital transformation of enterprises (DESI, 2020, 11). Additionally, Poland is a member of the EuroHPC Joint Undertaking and European Blockchain Partnership Policy Group (DESI, 2020, 11). Finally, Poland participates in PRACE (Partnership for Advanced Computing in Europe), PIONIER-LAB, a national platform for integration of research infrastructures (DESI, 2020, 11).
Of all Polish citizens using the internet, 59% use the internet for online banking, which is 7% below the EU average (DESI, 2020, 9). Additionally, on integration of digital technologies, Poland ranks 25th among EU countries (DESI, 2020, 10). Furthermore, Poland ranks 20th in the EU for digital public services (DESI, 2020, 12).
Poland has a total of618 banks, the largest of which include PKO BP Bank Polski and Bank Pekao SA.
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 Poland, 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. https://www.thebalance.com/what-is-open-banking-and-how-will-it-affect-you-4173727
Cahill, H. (n.d.).InvoiceFair. The Evolution of Open Banking: Connectivity breeds digital competition. https://invoicefair.com/the-evolution-of-open-banking-connectivity-breeds-digital-competition-081118/
DESI. (2020). Poland.Digital Economy and Society Index (DESI) 2020, 1-13.
Estevez, E. (2020, August 27).Open Banking. Investopedia. https://www.investopedia.com/terms/o/open-banking.asp
Instantor is a account aggregator and credit analytics company using screen-scraping. They were acquired by Tink in 2020.
Nordigen is an authorised Account Information Service Provider. We provide free access to bank data and premium data insights, using regulated PSD2 connections.
Kontomatik was founded in 2009. Today Kontomatik is a licensed AISP headquartered in Warsaw, Poland. The company provides screen-scraping and PSD2 connections to bank accounts.