The answer is yes and no.
In Belgium, this isn’t possible yet. 😢
Cake exists thanks to the European GDPR (data privacy) and PSD2 (payment services) legislation. This legislation puts the customer in control of their own banking data.
The PSD2 in fact states that European banking institutions are obliged, when a customer asks, to share that customer’s account information with other recognized companies. 💸
In Belgium, it was decided that information on savings and investments accounts 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 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.
But the good news is that we don’t really need access to your savings or investments account to track your savings or investments. If you give us the savings or investments account numbers, we can simply track transfers to and from those accounts. 📈 It really is that simple!
We feel that the actual amount on your savings account is not that volatile, so not having the balance in Cake is a limitation that we can live with (for now). The most important thing is that we can motivate you to save… and provide you a clear insight into your savings. 💰