The EU payment Service Directive (PSD2) dictates that all financial entities have to only provide access to payment accounts, to third-party service providers. This does not include accounts like: most mortgage accounts, loan accounts, savings accounts, sight accounts, securities accounts, construction accounts etc..

Loan/Savings accounts do not qualify as payment accounts, this means that a third-party provider can not gain access to them. The fact that a savings account has the ability to transfer to a “current” or immediate account doesn’t matter.

Ask yourself the following questions:

• Is it possible to place funds into the account?
• Is it possible to withdraw funds from the account?
• Is it possible to make and receive payments, including credit transfers, to and from third parties (i.e. accounts they do not own)?

If you can answer “yes” to all three questions, then the account should be marked as a PSD2 account and be available through integrations to Mastercard Open Banking Services Europe. If the bank is not available we encourage you to contact the bank and ask why this is the case.

If you cannot answer “yes” to all three questions, the bank is not obliged to issue the account through the integrations used by Mastercard Open Banking Services Europe.