KBC is actively using the opportunities provided by the PSD2 Directive. As of today, KBC, KBC Brussels and CBC clients can use KBC Mobile to check the balance of their personal and professional current accounts held with other financial institutions. This currently includes accounts held with Argenta, Belfius, BNP Paribas Fortis and ING. In providing this service, KBC has become first bank in Belgium to facilitate multi-banking.
As soon as the aforementioned and other Belgian banks have released their APIs, clients will be able to enjoy optimum ease of use, since the use of a card reader will no longer be needed then. APIs (application programming interfaces) are pieces of software code that allow KBC to establish links between its applications and those of other banks.
The KBC Mobile Multi-Banking feature has been tested extensively over the past few weeks.
The Multi-Banking feature has been tested at length since the end of February by more than 1 000 KBC employees. Feedback from users who also hold accounts with other banks has been very positive across the board. Here is a selection of employee testimonials:
- ‘I can finally check all my accounts using just one application, which will save me a lot of time. It would be even better, though, if a transaction history could be added to the feature.’
- ‘The APIs of other banks will hopefully be integrated soon, as the feature will be even more user-friendly if you no longer need a card reader. But the current version has great potential and makes it easier for me to keep track of my accounts.’
Over the next few weeks, a selection of clients will be asked directly for their feedback on the new feature. This feedback will then be used to further enhance the service and its user-friendliness.
The enclosed demo video explains how the KBC Mobile Multi-Banking feature works.
What other events are on the PSD2 calendar this year?
· By this summer, clients will be able to use KBC Mobile to make payments using accounts held at other banks. This is quick and user-friendly.
· Other entities of the KBC group in Central Europe and Ireland are set to follow suit later this year based on the experiences with the implementation of the multi-banking app in Belgium.
· The integrated multi-banking app satisfies the need expressed by the respondents of the market survey on PSD2, conducted by Profacts on behalf of KBC.