Frequently asked questions

About Cake 🍰

What is Cake?

At Cake, our mission is to become the leading software technology provider that analyses financial data to help people better understand, keep control of and improve their finances. Supported by a business model that shares our revenue with our users.

This is why we have developed Cake.

Cake is the profitable banking app.
We are not a bank, but we do bring together all your bank accounts and transactions.
Cake analyzes your financial data and habits, to make your life better. Yes, also financially.
We make your bank accounts pay off again. And we share our revenue with you.
Cake rewrites the rules. To make sure you will always get your piece.

Who is Cake NV?

Cake NV is a new Belgian independent company. We are not part of a bigger group. Our recipe for Cake is no secret. Because we regard transparency as paramount, our “kitchen” is as open as it could possibly be. At our website, you can find a wealth of information on our company: our staff, our technological roadmap, our policies and more… This differentiates us from many other financial institutions.

Want to know something, but can’t find it? Send us a message via the app. We’ll get back to you as soon as possible.

Cake is a payment institution in accordance with the Belgian Law of 11 March 2018 on the legal status and supervision of payment institutions and electronic money institutions. To be clear, and to avoid any misunderstandings: we are not a bank, but we do come under the supervision of the National Bank of Belgium. For the time being, we only operate in Belgium, but we are planning to expand soon to the rest of Europe.

How can I contact the Cake team?

You can’t contact us via old-fashioned communication systems such as e-mail, post, fax, carrier pigeon, telegrams, smoke signals, etc.

All of our official communication happens through the Contact function in the Cake app.

Our app is the safest, most secure way for us to communicate. You can still just about mail us a nice postcard from your holiday destination, but we expect any other business to go through the app.

For this reason, we only answer questions you ask us via the app. On occasion, we may respond to tweets or comments on fora or other social media, but we don’t guarantee that we always will.

(Our CEO, Davy, is quite active on twitter though… 😉)

Is Cake a bank?

We are not a bank. We are an independent banking app.

Cake brings all of your existing current accounts and transactions together so that you can manage them all through a single user-friendly app. You can soon download our app from Google Play or the App Store.

Cake is a payment institution in accordance with the Belgian Law of 11 March 2018 on the legal status and supervision of payment institutions and electronic money institutions. We are under the supervision of the National Bank of Belgium.

About the app 📱

How do I install Cake?

It all starts by downloading the free Cake app. You will find it soon in Google Play Store or in the Apple App Store.

Then you link one or more of your private current accounts to the app. To do so, you will need your bank card and for the time being, unfortunately, you will need your bank card reader too. It doesn’t matter if you have one account with one bank or 16 accounts with different banks. You choose yourself which bank accounts you want to link. We bring them together so that you can manage them all through a single app.

Piece of Cake! 🍰

Do I have to open a new bank account?

Nope. Cake works with your existing current accounts.

It all starts by downloading the free Cake app. You can find it soon on Google Play or in the App Store.

Then you link one or more of your existing current accounts to the app. It doesn’t matter if you have one account with one bank or 16 accounts with different banks. You choose yourself which accounts you want to link. We bring them together so that you can manage them all through a single app.

Can I also use Cake for my business accounts?

‘Fraid not.

After you have downloaded the free Cake app via Google Play or via the App Store, you can link one or more of your existing private current accounts to the app. It doesn’t matter if you have one account with one bank or 16 accounts with different banks. We bring them all together in a single app so that you can manage them all through Cake.

You can’t link accounts that belong to legal entities. In principle, these are business accounts or accounts that are used for professional purposes. For the time being, it wouldn’t make sense either because our PFM (Personal Financial Management) system has been built especially for consumers.

Can I also link my savings account or credit cards?

Unfortunately, in Belgium this isn’t possible yet.

Cake exists thanks to the European GDPR and PSD2 legislation. This legislation puts the customer in control of their own banking data.
The PSD2 in fact says that European banking institutions are obliged, when a customer asks, to share that customer’s account information with other recognised companies.

In Belgium, it was decided that information on savings accounts, securities accounts and credit card transactions falls outside PSD2 and is therefore not shared. Not even if the consumer expressly requests it. In other European countries such as Germany, savings accounts and credit card payments do come under this ruling.

We think it’s a shame that this isn’t possible in Belgium. We believe we could give Cake users a better and more comprehensive service if we were able to link all these data in the app, as long as the user requests it.

Is Cake free? How do you make money?

Using our app is free. Yes, we mean that. You pay nothing. Nada. Zilch.

How do we do this? We are happy to explain how our revenue model works.

Our automated software processes anonymise account information and turns it into statistical data. Many companies are interested in statistical data in order to make important strategic decisions. But we don’t just give it out. And certainly not your personal details. We package our user data up into anonymous statistics and overviews.

Want an example? Imagine you spend a lot of money on shoes. That shows in your spending pattern and could be of interest to a shoe retailer. We won’t give out your name or your account details to the retailer, but we will include you in statistics, for example on the type of people who like to buy shoes in your region. The shoe retailer can then use these statistics to gain a better insight into his market. This tells the retailer, for example, where it might be good to open up new shops.
And if there aren’t enough Cake users who spend money on shoes, in order to safeguard anonymity, we won’t give out these statistics.

The retailer is prepared to pay us for these statistics. But once again: we wouldn’t give out your personal data to these companies, not in a million years. We guarantee this.

Companies interested in these statistical data are what we call our commercial partners. Cake gets its income from these commercial partners. In this way, we can make sure that using the app stays free for all our users.

But the icing on the cake is that we want to give you a share of the revenues. This happens through Rewards.

You say your app will pay me money? Wait, what?

This happens through Rewards.
As a Cake user, you not only benefit from the handy functionalities that make managing your money easier every day, but the app also earns you money. This is because users can earn Rewards. These are benefits you get from us, for example, when you take part in certain campaigns, shop with some of our commercial partners, because you have helped us to improve the app or simply because we feel like giving you a gift.

Here are a couple of examples of our Rewards:

  • Every time a Cake user shops after a promotion announced in the app, and pays through one of the bank accounts linked to the app, the user gets the advertised reward.
  • Cake users can answer simple questions from our commercial partners in the app. We call these micro-surveys. For example, you could be asked about your satisfaction after visiting a shop. Every time you answer one of these questions, you get a Reward.
  • Every time a user’s data is processed and turned into a statistic or insight purchased by one of Cake’s commercial partners, the user gets paid for this. Cake shares the revenues it gets from its commercial partners with its users.

All payments are always made to users via Cake. The commercial partners get no access to the individual identity of the users.

What are Rewards?

Rewards are benefits you get from us, for example, when you take part in certain campaigns, shop with some of our commercial partners, because you have helped us to improve the app or simply because we feel like giving you a gift.

How does that actually work?

Imagine a particular chain of shoe shops wants to attract more customers through Cake. Although it could also be a burger chain. Or a supermarket chain, toy shop, doughnut shop, coffee bar… you name it.

But back to shoes.

The shoe shop can determine a Cake target group to which it wants to offer a sales promotion. For example, everyone living within a 20km radius of such-and-such a shop and who has bought something in a shoe shop in the last 3 months. If you are in this target group, you get a notification in our app that there is a sales promotion from that shoe shop. The promotion could for example consist of a Reward if you buy shoes in that shop.

To be clear: we do not give your details to the shoe shop. The shoe shop has determined a target group, you are in that target group and that’s why you get to see the sales promotion in our app.

Imagine now that this Reward is 3%. That means that if you see a pair of cool 100-euro trainers in that shoe shop, and you buy them with the bank account linked to the Cake app (basically with your bank card), you get a 3-euro Reward from us.

It’s that simple.

That is just an example though, so we don’t guarantee that there will always be a Reward like this. You can see the exact terms and conditions for each promotion in the app itself.

You can find all your Rewards on our app. As soon as you claim a Reward, you own it and we send the amount to your bank account. You can read more about how to claim Rewards on this FAQ.

Every now and again, we may organise campaigns in which you can earn extra money. These could be, for example, loyalty campaigns, activity campaigns, member-get-member campaigns, a take-a-selfie-with-a-tortoise campaign, etc. Basically, any campaign that earns you extra Rewards.

We can launch any kind of campaign, but we are not obliged to. We are also not obliged to offer these campaigns to everyone. We may offer them only to a certain target group that you happen not to fall into. But if we do have a campaign and you are eligible for it, we will let you know via the app and you will also immediately get to see the rules for that campaign. And then it’s up to you whether or not you go for it. Go, go, go!

How can I claim rewards?

Claiming Rewards is a piece of Cake. It only takes a few clicks in the app. As soon as you have claimed your Rewards for the first time, we send the amount straight to your bank account. We can only transfer to a bank account that is linked to our app, and that you have designated as the one to receive your Rewards on. We do our very best to get this done as speedily as possible, but we can’t guarantee they will show on your account the same working day. How fast your money gets to your bank account in fact largely depends on your bank.

Please note that you can only claim your Rewards once we have received a validated copy/scan/photo of your ID card or passport. If we haven’t received it yet, the app will ask for this first before you can claim your Rewards. This might seem a bit annoying but it is an obligation that the National Bank of Belgium imposes on payment institutions.

As soon as you have claimed your Rewards for the first time, you will receive all future Rewards from us straight away to your bank account and you don’t need to do anything else to get them.

Do I have to inform my bank?

You don’t need to personally inform your bank. Your bank will automatically get a request as soon as you link your current account(s) to the Cake app.

It all starts by downloading the free Cake app. Then you link one or more of your existing current accounts to the app. For this, you will need your bank card and your bank card reader. It doesn’t matter if you have one account with one bank or 16 accounts with different banks. You choose yourself which accounts you want to link. For each account that is linked, a connection is made with your bank automatically.

Why do I need my card reader?

The first time you use the app, you link one or more of your current accounts to the app. For this, you will need your bank card and your bank card reader. This is the safest way. It ensures that you, and only you, can add your bank account to our app.

Afterwards, you will need to identify yourself every 90 days, using your bank card and card reader.

It’s annoying that we need to keep asking you to do this. But it’s a legal obligation. We believe we could give our Cake users a better experience if you only needed to do this when installing the Cake app and linking your bank accounts. We are trying to convince the banks to be more flexible about this.

Why do I have to identify myself again every 90 days using my card reader?

It’s annoying that we need to keep asking you to do this. By then, after all, we already know who you are. But it’s a legal obligation. We believe we could give our Cake users a better experience if you only needed to do this when installing the Cake app and linking your bank accounts.

We will keep trying to convince the banks to be more flexible about this.

What if I no longer want to use the app?

You are always free to stop using the app and uninstall it from your smartphone. You can uninstall the app in the same way as you uninstall other apps. We’d be sad to see you go, but we can still be friends.

We will automatically terminate our services if, after 30 days, you haven’t responded to our request to renew the link to your bank account. Even if the app is still on your phone.

Once you uninstall the app or if you haven’t renewed your Cake link on time, we will no longer use your data for new statistical reports. Any Rewards earned but not claimed will also expire.

Why should I use Cake? What’s the advantage to me?

Cake is the profitable banking app.
We are not a bank, but we do bring together all your bank accounts and transactions.
Cake analyze your financial data and habits, to make your life better. Yes, also financially.
We make your bank accounts pay off again. And we share our revenue with you.

As a Cake user, you not only benefit from the handy functionalities but the app also earns you money. This is because users get Rewards, a sort of payment for using the app.

Cake rewrites the rules. To make sure you will always get your share.

Does Cake replace my current banking apps?

Firstly, in the Cake app, you can link your bank accounts. Simply follow the instructions in the app. Once your bank account is linked to our app, you can see that bank account in our app. By “see”, we don’t just mean your balance, but also all your past transactions. How far back you can see depends on your bank. We have no influence on this.

All the information about your account, and all the transactions you can see in our app, are what we call ‘account information’.

Our software will analyse your account information and will try to help you. For example, we will tell you where you spend more or less compared to others, how you can save, and even how you can earn more money.

We even have a fancy term for this: PFM or Personal Financial Management. What it all boils down to is a digital financial butler that helps you with your budget.

Did you know that if you link several bank accounts to our app, we run our PFM model across all of them? We therefore tot up your income and outgoings from all these accounts and give you a consolidated overview as if it was all one account. Pretty cool, huh?

Do bear in mind though that we can’t resolve any financial difficulties you may have. Unfortunately we can’t stop you spending more than you earn, if that’s what you do. However, we can give you an overview of your outgoings and income, as well as tips on how to save. What we can’t do is manage your finances for you. You have to do that yourself.

Another thing you can do through our app is make payments to other accounts from your account(s) linked to our app. This is done by payment initiation. You send an initiation through our app and we forward it to your bank. Your bank actually carries out the transaction. Good, isn’t it?

This means you don’t need to go into your bank’s own app any more. You can simply make payments with our app through any of the bank accounts you have linked to the app.

Of course, we only forward payment requests to your bank once you have made them through the app. The transfer is your responsibility. This means that we can’t be held responsible for a payment you have made through our app. Even if you regret it afterwards. Once it’s gone, it’s gone.

Bear in mind that we apply the same payment limits as your bank. If you want to transfer more money than your bank allows, you won’t be able to do it through the app either.

You may also need to sign for the payment for additional security. That depends on your bank too.

Why do businesses work with Cake?

Many companies are interested in this statistical data in order to make important strategic decisions. Sometimes they work with market research companies, who may organise online surveys.

But through Cake, this information is more reliable because it is based on Cake users’ real expenditure. Our software processes account information and turns it into statistical data. But we don’t just give it out. And certainly not in detail. We package our user data up into anonymised statistics and overviews.

Want an example? Imagine you spend a lot of money on shoes. That shows in your spending pattern and could be of interest to a shoe manufacturer. We won’t give out your name to the shoe manufacturer, but we will include you in the statistics, for example on the type of people who like to buy shoes. The shoe manufacturer can use these statistics to gain a better insight into its market. This tells the manufacturer where it could be good to open up new shoe shops.

The manufacturer is prepared to pay us for these statistics. But once again: we wouldn’t identify you to these companies, not in a million years. We guarantee this.

Companies interested in these statistical data are what we call our commercial partners. Cake gets its income from these commercial partners. In this way, we can make sure that using the app stays free for all our users. As a cherry on top, we also believe our users should get a piece of the cake. Not as actual cake, but in cash. In your account. This happens through Rewards.

More information on our solutions for business can be found on our website, under Cake for business.

You won’t spam me, will you?

No, but every now and again we will send you messages through the internal communication function on the app.

This could be a message in the app, or a push notification to your smartphone.

These messages can vary: an unusual transaction on your account, large amounts you have received, sales promotions, extra Rewards, or simply a message to wish you a happy birthday.

If you don’t want to receive push notifications, you can disable these on your smartphone. But you might miss out on something interesting.

Can everyone use Cake?

Almost everyone can use our app. We say ‘almost’ everyone because there are some exceptions.

You can’t link accounts that belong to legal entities. In principle, these are business accounts or accounts that are used for professional purposes. For the time being, it wouldn’t make sense either because our PFM (Personal Financial Management) system has been built especially for consumers.

You also need to be at least 16 to use our app. So if you’re under 16, please uninstall the app and come back at a later date. You can’t under any circumstances use our app if you’re under 16. We’re sorry, but the law doesn’t allow this.

We also have the right to block your access to our app. If we do, it will be for a reason, but we are not obliged to share that reason with you.

Blocking access also means that you won’t have a right to the Rewards you have built up but not yet claimed. But you can, of course, keep the Rewards you have already claimed and received on your bank account. They’re yours already.

How old do you have to be to use Cake?

You need to be at least 16 to use our app. So if you’re under 16, please uninstall the app and come back at a later date. You can’t under any circumstances use our app if you’re under 16.

We’re sorry, but the law doesn’t allow this.

What do I need to be able to use Cake?

We provide the app, you provide a smartphone and a mobile connection. What if your smartphone or mobile connection isn’t working? We can’t do anything about that. We really can’t. The use of your smartphone and everything that goes with it is your responsibility.

What if the app isn’t working?

We do our very best to make sure our app is working all the time. But unfortunately, we can’t guarantee that. Something can always go wrong. For example, our servers may break down, our app may stall, or even stop working entirely. It’s an unfortunate fact that, sometimes, something may go wrong with our app or with the things that make it work.

But rest assured that if this happens, we’ll be upset too and we’ll do everything in our power to get it working again.

Don’t get upset with us. Just let us know through the contact function in the app. We always try to be easy to contact, but we can’t guarantee in advance that we will answer within a certain period of time. Want to put us to the test? Just send us a message and you’ll see for yourself how fast we respond.

Don’t wait too long to tell us something. Sometimes, if a problem has existed for more than 24 hours, we can no longer put it right. It doesn’t necessarily mean that we can always put a problem right if it’s less than 24 hours old. And it doesn’t mean we can solve problems in less than 24 hours either. The only thing we know for sure is that 24 hours is less than 25 hours.

Something’s not right in the app. What do I do now?

Check the app regularly to make sure everything looks OK. Spotted something not right? A payment through our app that isn’t correct, an error in your summary of income or outgoings, or outgoings in the wrong category? Let us know and we’ll wake up one of our IT staff so they can take a look.

We can be contacted through our app, but we can’t guarantee in advance that we will answer within a certain period of time. Want to put us to the test? Just send us a message and you’ll see for yourself how fast we respond.

Don’t wait too long to tell us something. Sometimes, if a problem has existed for more than 24 hours, we can no longer put it right. It doesn’t necessarily mean that we can always put a problem right if it’s less than 24 hours old. And it doesn’t mean we can solve problems in less than 24 hours either. The only thing we know for sure is that 24 hours is less than 25 hours.

Our services may also include third-party content. Please note that we cannot be held responsible for such content.

How do I keep my phone safe?

Lead a healthy lifestyle, but also take adequate measures to protect access to your smartphone. Use passwords, facial recognition, fingerprint sensors or, if necessary, bellybutton recognition, to ensure that nobody else has access to your smartphone.

Also, make sure that you always have the latest version of our app on your smartphone and that you are running the most recent version of your smartphone’s operating system.

I have a complaint. What do I do?

Do you have a complaint? Let us know by sending us a message via the app, describing the problem. We will try to answer as quickly as possible and hope we can help you with it.

Not satisfied with the outcome of your complaint? Then you can go to the Belgian Ombudsman, to which we are affiliated. You can find the details on www.ombudsfin.be.

About my data and privacy 

Is this all safe and secure?

The safety and security of all Cake users’ data is our top priority.

We use very high safety standards. We work with specialist companies for this. Pretty much all they do is make the links between us and your bank. These companies are also under strict supervision to ensure that nothing can go wrong. We call these companies PSD2 Aggregators. You can find a link of the Aggregators we work with on our website. By accepting our terms and conditions, you also automatically agree to these Aggregators’ terms and conditions. You can find these terms and conditions on our website.

Lead a healthy lifestyle, but also take adequate measures to protect access to your smartphone. Use passwords, facial recognition, finger-print sensors or, if necessary, bellybutton recognition, to ensure that nobody else has access to your smartphone.

Also make sure that you always have the latest version of our app on your smartphone and that you are running the most recent version of your smartphone’s operating system.

What do you do with my data?

First and foremost, we separate your identification data from your transaction data. Then we aggregate the transaction data of all our users and turn the data into statistics and insights.

By turning only the transaction data into statistics, and ensuring that enough users are contained in the statistics shown, Cake guarantees that businesses can never find out your identity.

Businesses pay us to see these statistics. We share these earnings with our users because we believe they should also get a piece of the cake. You benefit from this through the Cake Rewards.

Can other Cake users see my data?

No, that’s impossible. You can invite friends to use the Cake App though, but they will never be able to see your bank transactions.

Unless you expressly want them to, for example, by using the Cake function that lets you share a bill with friends (a restaurant meal for example). Then they will see the full amount you have paid.

Do you have access to my accounts for ever?

Nope. Every 90 days, you have to renew the link from your bank account to our app.

The first time you use the app, you link one or more of your existing current accounts to the app. For this, you will need your bank card and your bank card reader. It doesn’t matter if you have one account with one bank or 16 accounts with different banks. You choose yourself which accounts you want to link. We bring them together so that you can manage them all through a single app.

We will send you an alert to renew on time. You can see how to renew in the app itself.
It’s annoying that we need to keep asking you to do this. But it’s a legal obligation. We believe we could give our Cake users a better experience if you only needed to do this when installing the Cake app and linking your bank accounts. We are trying to convince the banks to be more flexible about this.

If you don’t renew the link, after those 90 calendar days you will no longer see any new transactions from that bank account. So it’s important to renew the link quickly.

Thirty calendar days after this 90-day period, if you no longer have any bank accounts linked to our app, any Rewards you have built up but not yet claimed will expire.

Bear in mind that any automatic payments you had set up will also expire if you don’t renew the link on time.

Can you take money out of my account?

No, we can’t do that. Only the owner of the linked account can initiate a payment. You (and only you) can use the app to make payments through your bank account. This is done by payment initiation. You send an initiation through our app and we forward it to your bank. It is your bank that carries out the transaction.

This means you don’t need to go into your bank’s own app any more. You can simply use our app to make payments through any of the current accounts you have linked to Cake.

Bear in mind that we apply the same payment limits as your bank. If you want to transfer more money than your bank allows, you won’t be able to do it through the app either.

We use very high safety standards for these payment initiations. We work with specialist companies for this. Pretty much all they do is make the links between us and your bank. These companies are also under strict supervision to ensure that nothing can go wrong. We call these companies PSD2 Aggregators. You can find a link of the Aggregators we work with on our website. By accepting our terms and conditions, you also automatically agree to these Aggregators’ terms and conditions.

What data of mine do you keep?

We keep three types of Cake user data:

1. ID data
First of all, we ask for the surname, name and date of birth of our users. These data are saved in a secured Cake database.

In the next step (when claiming Rewards or starting payment initiation services) we also ask for a photo ID. The data from your ID are captured using OCR (optical character recognition) and saved in a secured Cake database.

2. Transaction data
When linking your bank account to the Cake App, we keep all the data regarding this bank account (number, currency, transaction data etc.).

3. Other data
Apart from your ID data and the data from your linked bank account, we also keep certain data for anti-money laundering purposes and to improve our services. You can find an overview of all the data that Cake keeps and processes in our privacy policy.

Where do you store my data?

We make a distinction between ID data and all other data. Your ID data are de-linked from the other data and stored in a separate encrypted database.

The other data are saved in another database, separately from your ID data.

What do you do with my data?

We make a distinction between ID data and all other data (“other data”). Your ID data are de-linked from all other data and stored in a separate database which has very high security and strict access rights.

The other data are anonymised, combined with those of other Cake users and turned into statistics and insights. These statistics and insights are made available to Cake’s commercial partners in return for payment.

By turning only the other data into statistics, and ensuring that enough users are contained in the statistics shown, Cake guarantees that commercial partners can never find out the identity of users.

These data are also used to provide Cake users themselves with advice on income and spendings.

How do you handle privacy?

Cake exists thanks to the GDPR and PSD2. Without these two Directives, it wouldn’t be possible for us to offer our services.

When using the app, users expressly agree to us keeping, processing and commercialising their data (ID data and other data).

This agreement is given by accepting the general terms and conditions and the privacy policy. If you don’t accept, you can’t continue in the app.

Users can’t partially agree to the terms and conditions and privacy policy. Full acceptance is needed for us to offer both the functionalities and the benefits. If you don’t accept, you will see an empty app.

The general terms and conditions and privacy policy are written in clear and easy-to-understand language and have been reviewed by GDPR specialists.

Cake makes sure that the ID data and other data are separated and that the user’s identity will never be shared with commercial partners. Equally, the user’s identity can never be found out by third parties.

All statistics and insights are made of anonymised and aggregated data.

PSD2: What’s that?

We use the European PSD2 directive. Under this Directive, European consumers can require their bank to share their data with other companies such as Cake. Your bank cannot refuse to do so. It is your data after all, so you get to decide how to manage it. PSD2 is, therefore, a benefit to you.

Believing that banks currently have too much power because they have exclusive rights in terms of payment transfers, the European Union came up with the PSD2 (Payment Services Directive). To reduce bank dominance, Europe has partly shifted the control of banking data from the bank to the customer.

This Directive, in fact, says that European banking institutions are obliged, when a customer asks, to share that customer’s account information with other companies that have received special authorisation from the financial supervisory authority. In Belgium, that’s the National Bank of Belgium (NBB).

Cake was authorised on 9 July 2019 by the National Bank of Belgium (NBB) as a payment institution offering “payment initiation services” and “account information services” and is therefore registered as such in the NBB register.

This recognition followed a licence application in which Cake was able to demonstrate that it had fit and proper directors and appropriate organisation.

This means that Cake must ensure it has appropriate measures in place for such things as internal control, compliance, (internal and external) audit, a European anti-money laundering policy, risk management policy, conflicts of interest policy, business continuity plan and IT infrastructure.

GDPR: What’s that?

GDPR is the abbreviation for ‘General Data Protection Regulation’. In simple terms, this is a set of rules for better protecting European citizens’ data.

Cake exists thanks to the European GDPR and PSD2 legislation. The GDPR basically determines the “right to data portability”. PSD2 provides the legal framework through which a customer can run their transaction data through another party (such as Cake).

In other words, this legislation puts you in control of your own banking data.

Do you have the necessary approvals and licences to use my data?

On 9 July 2019 the National Bank of Belgium (NBB) recognised Cake as a payment institution offering “payment initiation services” and “account information services” and it is therefore registered as such in the NBB register.

This recognition followed a licence application in which Cake was able to demonstrate that it had fit and proper directors and appropriate organisation.

This means that Cake must ensure it has appropriate measures in place for such things as internal control, compliance, (internal and external) audit, a European anti-money laundering policy, risk management policy, conflicts of interest policy, business continuity plan and IT infrastructure.

Can I choose which of Cake’s commercial partners I share my data with?

No, you can’t.

But Cake is very selective when choosing its commercial partners. We point-blank refuse partners who work in the following sectors: the gambling industry (betting shops), casinos, lotteries, the porn and sex industry, the arms industry and drugs.

And rest assured that your personal data will never be shared with Cake partners. All statistics and insights occur on the basis of anonymised and aggregated data.

Can Cake’s commercial partners see my data?

No. Your personal data are never shared with Cake partners. All statistics and insights occur on the basis of anonymised and aggregated data.