News

Milestone: Dutch Central Bank is reviewing our PSD2 application

February 25, 2020

We’re back with some good news! We’ve just hit two big milestones towards getting our app in your hands:

  • We are now ISO27001 certified, which means that we have transformed our organization to comply with this international standard on information security. Which is a big part of the next milestone:
  • We handed in our PSD2 application for Payment Initiation Service (PISP) and Account Information Service (AISP) at the Dutch Central Bank.

What does this mean?

The Dutch Central Bank has to review and approve our application, this process usually takes months.

In the mean time we are ramping up our pilot for both iOS and Android. If you are on the waiting list, keep an eye on your inbox. If you are not, subscribe now.

Why does it take so looooong?

We feel you. When we started on Flow, PSD2 (which is a EU directive that basically says all banks need to open up to FinTech apps) was not implemented yet and bunq already had an API. Soon after we started PSD2 came into effect. This was great news: now we could add all EU banks to our app. The flip side is that you need a PSD2 license in order to do so. It’s good that authorities supervise FinTechs. But it takes an incredible amount of time/effort/money to actually get such a license.

Because we believe Flow is something that should exist in the world + a loooot of you feel so too, we decided to do everything that’s necessary to get the license (changing our organization, seeking and getting investments, quit our jobs, hire a team). We are now in the final stage of this process.

What can you expect?

We see that a lot of you are eager to start using Flow, so are we! Since introducing our first working version to the world (in bunq update 7 a.o.) a lot has happened, even some ways to automate your money have seen the light of day.

Luckily, we have continued building on Flow, when we launch you’ll have a whole box of Lego bricks for you to play with. We will offer features that go much further than you can use today. To name a few: “Fill budget to” — specify how much you need in a budget (e.g. €200 for groceries), if there is money left in the budget, Flow will only transfer what is needed to refill the budget.  “From what’s left” — this will let you build dynamic Flows that can handle variable amounts. We’ll introduce more features on our social media channels in the coming period. If you want a personal demo, let us know by sending us a DM on one of our channels.

Daan van Klinken

Founder Flow

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