This Public Security Declaration tell you the rules of using www.SwitchIt.ai
Last updated: Jan 2, 2023
The Payment Services Directive 2 (PSD2) is a European Union directive that aims to improve competition and innovation in the retail banking sector by requiring banks to open up their systems to third-party providers. This is achieved through the use of open APIs, which allow third-party providers to access customer financial data to build meaningful services on top on the data.
Switching between services in the context of open banking and PSD2 refers to the ability of customers to easily move their account from one bank to another, or to switch to a different third-party provider for a specific product or service. This is made possible by the use of open APIs, which allow customers to securely and easily transfer their financial data to the new provider.
Open banking is a financial services term that refers to the use of open APIs that allow third-party developers like us at SwitchIt to build applications and services around the financial institution. This allows customers to securely share their financial data with us, a third-party provider, enabling us to offer a new and wider range of financial products and services.
That means that open banking, PSD2, and switching between services are all related to the use of open APIs that are build to improve competition. SwitchIt utilizes these Open APIs to validate our customers and access customer financial data on household services, making it easier for our customers to gain insight to their current services vs. the market and switch between services with just a few simple steps.”
At SwitchIt we take your digital data privacy extremely serious. We do this with state of the art technology in order to keep your information private, safe and secure. At SwitchIt we utilize PSD2 and Open Banking APIs to both verify you and to keep a high level of security with Strong Customer Authentication. Furthermore PSD2 enables SwitchIt to safely and securely receive data in order to activate your data and potentially get you a better deal. You might ask yourself is this legal? The answer is yes. SwitchIt runs a business based on EU regulation. We simply let you take charge of your data and activates it to get you better deals, instead of having your data “just” be passive and not giving you the potential value you deserve.
In the center of this is you, the customer. You have the choice and power to do with your data as you please, that means allow SwitchIt to utilize your data to find a better service for you. It may sound to good to be true, but it really is not. SwitchIt activates your data that you are in charge of, and uses that to get you better deals from service providers relevant to you.
We use Strong Customer Authentication (SCA), that EU regulation (PSD2) demands. This is your banks own authentication method, so both your bank and SwitchIt are sure that you are you and that you have authorized the access to your information.
At SwitchIt we use Strong Customer Authentication (SCA) to make sure that you are you, and nobody else can get access to your data, unless you give consent. Furthermore, SCA makes sure that the credentials you have match in both your bank and in SwitchIt. Now to get a bit nerdy, SCA consists of three columns of security, of which two must be approved. It can be either something you know, something you have/possess, or something you are. This method is used throughout the world in all kinds of events, most often when you want to protect a digital asset, that could be acces to a bank account, your game account, eg. Steam or Epic, or it could be your digital wallet holding Crypto currency. All these services offers the customer a SCA solution.
PIN, passcode, Memorable Information.
Card, keyfob, Phone.
Fingerprint, Iris Scan, Voice recognition, Behavioral analytics.
We at SwitchIt have a passion for technology, and we saw an opportunity to make a difference and using this technology to make life easier. At the same time to make profit from the companies that wins you as a customer. SwitchIt charges the companies a fee for winning you as a customer thus you get a better deal, the company wins a new customer, and we receive a fee from the company for making the effort and connecting you as a customer with a new company.
SwitchIt will search relevant data from the source you choose, and will use this information to get you better deals.
Not at all. SwitchIt activates your data that you are in charge of, and uses that to get you better deals from service providers relevant to you
Your data is stored safely and securely. We take security extremely serious and uses best in class tools to safely store your data.
Yes, SwitchIt runs a business based on EU regulation. We simply let you take charge of your data and activates it to get you better deals, instead of having your data “just” be passive and not giving you the potential value you deserve.
We use Strong Customer Authentication (SCA), that EU regulation (PSD2) demands. This is your banks own authentication method, so both your bank and SwitchIt are sure that you are you and that you have authorized the access to your information.
An account that is authenticated is an account where you allow SwitchIt to receive data from and use this data to get you better deals.
Open Banking is a banks offer to you as a customer to use third party providers, like SwitchIt, that through an API (an API is a communication channel between your bank and a thyroid party provider) can receive data on your behalf.
SCA consists of three columns of security, of which two must be approved. It can be either something you know, something you have/possess, or something you are.
See the illustration above here.
SwitchIt uses PSD2 and Open Banking APIs for several reasons. Because these APIs are regulated, so all banks in the EU must adhere to the specifications set by the European Banking Authority. Furthermore because SwitchIt can help multiple customers throughout the EU in multiple banks. This is possible because each bank is accessible through the same set of rules and regulations. And lastly because SwitchIt can use just one Account informations service provider (AISP) like Aiia or Tink with integrations to EU banks.
We at SwitchIt have a passions for technology, and we saw an opportunity to make a difference and using this technology to make life easier. At the same time to make profit from the companies that wins you as a customer. SwitchIt charges the companies a fee for winning you as a customer thus you get a better deal, the company wins a new customer, and we receive a fee from the company for making the effort and connecting you as a customer with a new company.
