One is not better or worse than the other. It is a different approach, a different purpose and we can offer them both from within Isabel Group.
PSD2 is an European regulation that obliges banks to open their systems to authorised operators in order to initiate payments and consult account information.
The consultation of another bank's account information in your banking application is, for example, based on this regulation.
More information about PSD2 on the website of Febelfin, the Belgian federation representing the financial sector.
CODA is not dead, and will not disappear in the short term.
CodaBox provides a service to accountants to deliver data to their customers in a digital way.
We want to make that happen now and in the future. The format in which we do this may change in the future, but our services will not.
PSD2 opens up opportunities for us and for you,: at the European level, real-time information, faster activation.
We are looking to the future!
Characteristics of CODA and PSD2:
|The CODA file was designed by the Belgian banks (Febelfin) and is specifically created for accounting purposes.|
It is an extract per day, an "accounting document".
It is also structured for this purpose; with a numbering, opening balance of the day, movements plus and minus and a closing balance.
|The PSD2 account info can be used to quickly check your balance and transactions.|
Within PSD2 the account holder must give his approval every 90 days.
In the attached file you will find detailed information about PSD2 / CODA