The operating model of Cake is built upon the European Payment Service Directive version 2 (PSD2) directive. Under this directive, European consumers can request their bank to share their data with Trusted Third Parties (TPPs) such as Cake. 🎉

* A TPP, like Cake, is licensed and under the rigorous supervision of the National Bank where the company was launched. In the case of Cake, it's the National Bank of Belgium.

The PSD2 directive states that the banks should deliver the same data to Cake as it does to its own channels. This is however not already the case for all banks. 🤔

Currently, ING provides 10 years of data to Cake. However, Cake currently only uses 5 years of data for insights. This means that, upon connecting your ING account, you can see 60 months worth of data in your Cake app. 📅

Cake will, however, accumulate your transaction data; so after for example 3 months, the Cake app will be able to provide you insights for 63 months.

Note: We are in discussion with ING and the National Bank of Belgium to ensure that the legal obligations are addressed in the coming months. 🤞

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