Open Banking in Slovakia

Open banking in Slovakia

In September 2019, PSD2 went live in the EEA.Slovak banks are among the leaders in the use of new technologies and manyalready 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, was implemented in all EEA countries in 2016 and went live in September 2019.

Open Banking in Slovakia

Slovak banks are among the leaders in the use of new technologies, such as contactless cards, contactless mobile payments and peer-to-peer payments (Laznia, 2020). Slovakia is one of 10 largest car producers in the world and an EU leader in robotic intensity (DESI, 2020, 11). Digitisation has become a goal, not just for banks but for the nation. 

Slovakia has a national digitisation strategy that supports the integration of technology and aims to introduce legislation that will enable new businesses working on digital platforms and AI (DESI, 2020, 10). The strategy also aims to develop infrastructure and optimal conditions for testing of automated transport (DESI, 2020, 10). Currently, Slovakia does not have a digital innovation hub. However, the governmentaims to create specialised centres for digital innovation that will eventually qualify to become hubs (DESI, 2020, 10).

Slovakia takes part in EU initiatives that aim to strengthen the digital single market. In 2019, the country joined other EU countries working together to develop a quantum communication infrastructure in the EU (DESI, 2020, 11). 

Of all Slovakian citizens using the internet, 66% use the internet for online banking, which is the EU average (DESI, 2020, 9). Additionally, on integration of digital technologies, Slovakia ranks 21st among EU countries (DESI, 2020, 10). Furthermore, Slovakia ranks 26th in the EU for digital public services (DESI, 2020, 12). 

Slovakia has a total of27 banks, the largest of which include Slovenska Sporitelna and VUB Banka. 

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

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

Laznia, M. (2020, December).Slovakia’s banking sector: Facts & Figures. EBF.



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


Here is a list of major open banking platforms in Slovakia


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