ING is the only bank that managed to implement access to accounts from other institutions before Millennium
Cashless.pl has been able to confirm that Millennium will today test the aggregation of accounts from other institutions for the first 20,000. customers. Thanks to this, the users of electronic banking of Millennium Bank after logging in on their own account will have access to the balance and history on accounts kept in other banks. Millennium introduces account aggregation simultaneously from as many as six banks, i.e. Alior, ING, mBank, Pekao, PKO and Santander.
After successful testing, the new service will be made available to all interested customers. As I mentioned above, they will only be able to view the balance and view the transaction history. At a later stage, Millennium plans to introduce the possibility of initiating payments from accounts in foreign banks and also apply for loans in a simplified process when the bank calculates their creditworthiness on the basis of payment history on accounts in other institutions. Millennium also wants to expand the list of banks whose accounts will be aggregated on its electronic services.
Aggregation of accounts held by many different institutions in one place is one of the services whose introduction was possible thanks to the PSD II directive and the idea of open banking implemented by it. Of course, access to accounts in another bank is only possible after the user's consent has been given and must be authorized in the system of the bank whose account is to be added to the system of another institution. The exchange of information takes place via the Polish API interface, prepared under the auspices of the Polish Bank Association (ZBP).
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ING Bank Śląski was the first bank on the Polish market that managed to introduce account aggregation. Its system currently allows to view accounts in Millennium, BNP Paribas, Pekao, PKO and mBank. Alior is also using open banking. The bank introduced a simplified credit process for customers of other banks. During the verification procedure, their transaction history can be downloaded from other institution, which facilitates the assessment of the applicant's creditworthiness.