We think it’s awesome that there’s so much interest in Cake, even weeks before our public app is launched! Over 6000 people have already registered on the waiting list! 🚀
(If you haven’t joined already, fill out the waiting list form at the bottom of this article and you’ll be among the first to try out Cake!)
Seeing this level of interest is very helpful in our discussions with investors and commercial partners. Also, no need to say, this is a huge motivation for the team to make Cake the best banking app in the world. 🙌
Over the past few days, many of you contacted us to ask which banks we are going to support and how far we are with the development of these connections. So, we thought it would be a good idea to give you all an update on this topic! 📣
The Cake app will be the independent banking app that brings together all of your accounts and transactions from multiple banks. You probably already knew that.
What you might not know is that all of this is possible thanks to the new European PSD2 directive. This directive stipulates that you, and not your bank, are the sole owner of your bank details. Since September, as a European consumer, you can oblige your bank to share your data with other (licensed) third parties such as Cake.
After all, it’s your data and it’s up to you to decide. 👍
Theoretically, you will be able to link any European bank account to Cake. We are currently working very hard to achieve that, but we’re starting with banks in Belgium.
It is important for us to first be able to demonstrate in a single test country that there is enough market interest in our product before it makes sense to start expanding to other countries all over Europe. 🌍
Which banks are we going to support?
Our goal is to support every single European bank account. We will launch it in Belgium first, around December, to test how the market responds to our product. 🥳
Because of this, for now, we are focusing solely on Belgian banks at this time.
You will, after downloading Cake, be able to link one or more of your current accounts to our app. This link is established via a secure connection between Cake and your bank(s).
In order to connect your account to Cake, each bank must provide an API. This is a secure connection that allows our app to ‘talk’ to your bank account and exchange information.
On 14 September the new PSD2 legislation officially started and all banks had to make their API available to licensed payment institutions, like Cake. 🍰
However, each bank’s API is different and it is quite a job to link all these different bank APIs to Cake. For now, we have been able to establish a (relatively) stable link with the following banks:
- KBC / CBC / KBC Brussels
- Bpost bank
- Bank J. Van Breda
- AXA Bank
Last week, we started our first beta test with 300 test users. One of the main goals of this beta is to test these connections extensively.
The availability of the banks in the Cake app depends mainly on the quality of the connections (API’s) that the banks offer us. Although the banks are legally obliged to have their API ready, we notice that a number of them offer API’s that we don’t believe to be of sufficient quality. 😟
For example, we find that the following banks are not ready for us today, but we will do everything we can to add them as soon as possible:
- BNP Paribas Fortis
- ABN Amro
This list is most likely outdated. We provide a continuously updated list of supported banks here.
Savings accounts and credit cards
Sadly, there is room for interpretation of how PSD2 needs to be implemented. This so-called grey zone has already been filled in very restrictively in Belgium. 😞 Lobbying to our disadvantage has resulted in the fact that it has been decided that information about savings accounts and credit cards are excluded from PSD2 in Belgium and will not be included in the APIs that the banks have to make available. In most other European countries they are included, however.
Because of that, Belgian savings accounts and credit card transactions can not be integrated into the app via the official APIs of the banks. We can (out of necessity) do this using other techniques such as “screenscraping”. For you as a user, however, this is less user-friendly because you would have to take a number of extra steps in the app, and we do not yet know whether the quality of this data will be good enough. 🤔
This is why we continue to work with the Belgian banks and the National Bank to ensure that PSD2 (as it is in other European countries) is not interpreted too restrictively and that savings accounts and credit card transactions also become included in the APIs. This will only benefit you as a consumer. We also believe that this is actually your right because of Article 20 of the GDPR legislation that determines the “Right to transferability of data”. ☝️
An optimal and extensive implementation of the PSD2 directive will mainly benefit your ease of use! We will continue to fight for this and will inform you when we have new info available.
From now on we will give regular updates on the development of the app, so keep following us! It’s very nice that we can already count on so many fans, even before the app is launched. Thank you so much! ❤️
In the coming weeks, a new blog post will arrive in which we will explain our high-level roadmap and goals for the coming year in more detail.
Stay frosty! 🧁
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