Open Banking in Portugal

Open banking in Portugal

In September 2019, PSD2 went live in the EEA. Portuguese banks are prioritising digital transformation and Portugal’s 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 Portugal

Portuguese banks are prioritising digital transformation and good progress has been made so far (Martinho, 2020). The fintech ecosystem in Portugal had several developments in 2020 including the establishment of a fintech hub, called Fintech House, and the release of the framework for a regulatory sandbox in Portugal (Fintechnews Switzerland, 2020). The sandbox will test emerging technologies such as AI, blockchain and 5G. Portugal also has plans to introduce Technology Free Zones (ZLTs) as a part of Portugal’s Digital Action Plan that aims to facilitate an environment for innovation and economic competitiveness (Fintechnews Switzerland, 2020).

Of all Portuguese citizens using the internet, 56% use the internet for online banking, which is 10% below the EU average (DESI, 2020, 9). Furthermore, 61% of internet banking users use mobile networks and 67.3% of current accounts have online access (Martinho, 2020). Additionally, Portugal ranks 13th in the EU for digital public services (DESI, 2020, 12).

Portugal has a total of 148 banks, the largest of which include Caixa Geral de Depósitos and Santander (Martinho, 2020). 

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 Portugal, 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.

Banco de Portugal. (2020).Legislation and regulations - PSD2. Banco de Portugal.

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

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

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

Fintechnews Switzerland. (2020, December 4).Portugal’s Fintech Industry Continues to Grow and Mature on the Back of Favorable Regulation. Fintech News Switzerland.

Martinho, T. (2020, December).Portugal’s banking sector: Facts & Figures. EBF.



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


Here is a list of major open banking platforms in Portugal


Tink was founded in 2012, and has built one of Europe’s biggest screen-scraping / open banking platforms – they claim to have broad connectivity and services that create value out of the financial data. Tink offers their platform to banks, fintechs, and startups.


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.