Amsterdam, 12th of November 2019 – A month after PSD2 was implemented in the Netherlands, the Dutch Central Bank has issued the first PSD2 banking license to Amsterdam based fintech Dyme. Dyme enables users to connect their bank accounts to the app and gives them a clear overview of their income and expenses. The startup then provides actionable insights on how users can save money in minutes. Dyme is the first company to connect banks such as ING, Rabobank, ABN Amro and Bunq. Customers from these banks can now use Dyme to get a handle on their finances. 

The Dyme app 

In the Dyme app users connect their bank accounts and get a clear overview of their income and expenses. Thereafter, users can cancel, switch or negotiate any contract with a single click. Dyme also enables users to apply for subsidies, request refunds or demand warranties directly within the app. The app is free and can be downloaded from the Google and Apple app stores: https://dyme.app/get.

Financial Problems

Co-founder Joran Iedema: “It is currently possible to sign up to a subscription for a streaming service, dating app or even a bicycle in a matter of minutes. As a result, most people have subscriptions that they have completely forgotten about and many people pay too much for their subscriptions. This can lead to serious financial problems.” In 2018, one in three Dutch households had late payment issues. Furthermore, the Nibud institute estimates that 90% of Dutch people strongly underestimate the number of subscriptions they have. 

PSD2 banking license

Within the PSD2 regulatory framework, banks are obliged to provide current account access to third parties, if the account holder gives explicit permission.’. To qualify for a PSD2 license, third parties have to go through a lengthy process with the European Central Bank authority. Dyme received guidance from Stibbe and EY in obtaining its license from the Dutch Central Bank (DNB). DNB has stringent requirements when it comes to privacy, data security and secure communication.