Open Banking, explained

Open Banking is the reason a modern finance app can show your real balances without you typing anything in. It's a regulated system built on your explicit consent — and it's designed to be safer than sharing bank passwords.

Open Banking is a set of European rules (PSD2) that force banks to open a secure, standardized way for licensed apps to read account data — but only with your explicit consent.

You never give your bank password to the app. You approve the connection directly with your bank, and you can revoke it any time.

For personal finance apps like KRONO, the connection is read-only: balances and transactions in, nothing out. The app cannot move money.

Consent is time-limited and renewed regularly by the bank — no long-lived silent access.

KRONO uses SaltEdge, a regulated Account Information Service Provider, to handle the encrypted connection. Your bank remains the source of truth; SaltEdge is the licensed pipe.

Transactions land on your iPhone, categorized locally. Krono AS does not run a central database of your bank data. Revoke consent and the pipe closes immediately.

Can an Open Banking app move my money? For account information (what KRONO uses), no — it's read-only. Payment initiation is a separate service that requires different consent.

What if I lose my phone? Your data is on the device, protected by iOS encryption and your passcode. You can also revoke the bank connection from your bank's app instantly.

Is Open Banking safer than screen-scraping? Yes. Screen-scraping requires giving away your bank password. Open Banking uses regulated APIs with your explicit, revocable consent.