PSD2 bank data: what an account connection actually gives you
European open-banking account information lets a permitted service read account data with your authorization. It is distinct from initiating payments. Synci uses upstream providers to connect supported accounts and makes the data available to destinations you choose.
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The terms you will encounter
| Term | What it means for a bank-data connection |
|---|---|
| Account information / AIS | Reading information such as accounts, balances, and transactions |
| Payment initiation / PIS | A separate capability to initiate payments |
| Consent | The authorization covering the accounts and access requested |
| Bank authentication | The bank’s process for confirming who is authorizing access |
| Aggregation | Bringing information from multiple accounts into one application |
Sources: European Commission: payment services · GoCardless: Bank Account Data documentation
What data should you expect?
Account-data APIs commonly expose account details, balances, and transactions. Availability is specific to the bank and product. Check current accounts, card accounts, pending records, currency, and the initial history window rather than assuming your entire online banking dashboard is available through an API.
A European bank-data connection is not a promise of investment holdings, loans, or every savings product. Synci’s brokerage and crypto connections are separate source types with their own supported data.
Access has a lifecycle
You authorize a connection, choose accounts, and later renew access when the bank or provider requires it. A managed service can guide reconnection and show connection health, but it cannot remove the need for your bank’s authorization.
The bank may limit background requests. A successful request can also return an unchanged balance if the bank has not posted new activity. Applications should show data freshness and distinguish pending transactions from booked ones.
Choose the layer you want to operate
With a direct provider, your application implements the lifecycle around the API. With Synci, the managed connection is already part of the product and you configure destinations or build on the Synci API.
If you plan to offer a service to other users, confirm the applicable provider terms and authorization model for that service. A personal-use example is not a blanket statement about production or regulatory eligibility.
Questions and answers
- Does read-only bank access allow money transfers?
- No. Reading account information is a separate capability from initiating a payment. Synci’s data connections and MCP tools do not move money.
- Is all of Europe covered by the same rules and banks?
- No. Geography, regulatory frameworks, provider coverage, and supported bank products are different things. Check the actual country, institution, and service rather than treating Europe as one uniform API.
Sources and verification
Checked on 23 September 2026. Provider details can change; follow the linked documentation for current setup requirements. This guide is published by Synci.
Put your bank data to use.
Check your bank, connect the accounts you need, and choose where to use them.