What is PSD2?

PSD2 is the European rulebook that made Open Banking possible. It forces banks to share account data with your permission — and forbids screen-scraping.

PSD2 requires banks to expose secure APIs so licensed third parties can read account information and initiate payments, but only with your explicit consent.

Before PSD2, apps had to store your bank password to read your account. PSD2 killed that model in favour of standardised, revocable, audited access.

AISP (Account Information) lets an app read balances and transactions. PISP (Payment Initiation) can move money with a separate consent. KRONO uses AISP only.

You approve access directly in your bank's login flow, for a fixed period (usually 90 or 180 days), and can revoke it any time from either the bank or the app.

Is PSD2 only in Europe? The regulation itself is European, but similar Open Banking frameworks now exist in the UK, Brazil, Australia and elsewhere.

Do I have to renew consent? Yes — banks require re-authentication periodically. Your app will prompt you when the time comes.

Can I use Open Banking without PSD2? In the EEA and UK, Open Banking is PSD2. Outside those regions, similar rules cover the same idea.