Making payments via Cake

By Benoit Billington

Great news! You can now use Cake to make payments. 🎉
We’re happy to explain how this works exactly.

From now on, you don’t have to go to your bank’s app to make payments. You can just use the Cake app to make payments with any bank account you have connected to the app. We think that’s cool. How about you?

This is how it works

Making transfers through Cake is, how could it be otherwise, a piece of cake! 😜
(Only for bank accounts of Bunq, N26 and DHB this will not work for the time being.)

  1. Open your Cake app and tap the blue button at the bottom right.
    If you don’t see it, please check
    • if you have the latest update of the app installed
    • if you have confirmed your identity (if not, go to the control centre and click on “confirm your identity”)

  1. Fill in the payment information.
    This can be done in several ways:
    • Entering manually
    • Selecting from a list of suggestions that appears as soon as you start entering an account number
    • Take a picture of an IBAN account number (android only)

  1. After that, you will be redirected to your bank app where you just need to confirm the transaction with your secret code. 🏦 
    Ready! 🍰

Our mission    

Cake brings all your existing bank accounts together in one app.👌

So you don’t have to change banks or open a new bank account. It doesn’t matter if you have one account at one bank or sixteen accounts at different banks. To get an overview of all your income and spending, all you have to do is check the Cake app. That’s convenient, isn’t it? 

Now that you can also initiate payments from the Cake app, Cake becomes more than ever the central app from which you can not only have a complete overview of your finances, but can also manage them.

This brings us one step closer to our mission of improving the financial well-being of every user. We analyze financial data to help people better understand, control and improve their finances. And, as icing on the cake, we share our revenue with our users.

Legal framework

We work under the European PSD2 regulations. PSD2 has ensured that as a consumer you are the sole owner of your bank data. Until recently, the banks had the exclusive right to the payment traffic. To break the dominance of the banks and stimulate innovation in the financial sector, Europe has partially shifted the control of bank data from the bank to the customer.

So European consumers can now ask their bank to share their data with other companies, such as Cake. After all, it’s your data and it’s up to you to decide what happens with it.

Because this involves bank data, there is an extra layer of security built in and banks are only allowed to pass on data to companies licensed by the financial regulator. In Belgium, this is the National Bank of Belgium (NBB).

Cake received such a license as a payment institution from the NBB on July 9, 2019. This means that we are also regulated and supervised by them. We must comply with the financial legislation applicable to all European payment institutions. 

The services we are allowed to offer with that license are account information services and payment initiation services. Well, our apologies, we did not invent those terms and so we would like to explain them.😅

Let’s start with account information services

When you link your bank account(s) to Cake, you can access all transactions to and from those accounts in Cake. In addition, our system processes all those transactions into useful insights into your income and spending across all your accounts. For example, we tell you which categories or merchants you spent the most money on. 

Actually, all the services we offer in the app so far are included here.

What’s new is that Cake now allows you to make payments to other accounts from your bank account linked to the app. This is done via a so-called payment initiation. You send an initiation via Cake and it is forwarded to your bank. The bank eventually executes the transaction. 

Of course, we only send payment requests to your bank after you have instructed us to do so in the app. We also use the same payment limits as your bank. If you want to transfer more money than allowed by your bank, it will not work through Cake. 

If you want to know more about this, please read our terms of use

What’s next?

As you can see, we are not at rest. Since the app was launched at the beginning of last year, we have been working continuously on improvements and new services.

Would you like to keep track of new features coming or do you have an idea or suggestion of your own? Then take a look at our open roadmap

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