Open Banking means that banks, with your consent, share data about your accounts and transactions with other approved financial services. The sharing takes place via secure, standardized APIs regulated by the EU's PSD2 directive – your login details are therefore never shared with anyone else.
Imagine a locked door where you hold the only key. No one can enter without your consent, but once you unlock it, an approved service can retrieve exactly the information you have allowed – no more, no less.
Security
Open Banking is not a gray area or a loophole, but a regulated part of how banks operate within the EU today. Specifically, this means that:
You have full control; your other bank never shares data automatically. You approve the connection yourself and can revoke consent and remove the linked account whenever you want.
Approved providers only. Only companies licensed or registered with a financial supervisory authority in the EU/EEA – for example, the Finansinspektionen in Sweden, Finanstilsynet in Denmark, or the equivalent authority in the provider's home country – may receive data or initiate payments via Open Banking. The authorization then applies throughout the EU/EEA, not just in the country where the provider received it.
Strong Customer Authentication. PSD2 requires that access to your data and payments are confirmed with two-factor authentication, such as BankID.
Connect Bank only provides an overview – we can view balances and transactions, but cannot move money from the linked account without separate approval.
Open Banking does not make gathering your overview in one place less secure – rather, it is the very foundation that enables doing so safely, instead of sharing login credentials or screenshots.
View your existing connections
You can view any existing third-party Open Banking connections by:
Logging in to the Lunar app
Clicking on the profile icon in the upper left corner
Clicking on 'Security' followed by 'Third-party connections'
Here you can see when the connection was created and when it expires, what access it provides, as well as remove an existing connection.
Our partner
We partner with Aiia, one of the largest Open Banking platforms in the Nordic region, to enable multi-banking. Aiia is authorized and regulated under the same terms as banks themselves, handling the technical and secure connection between us and your other bank when you use Connect Bank.
Aiia covers a wide range of banks in Denmark, Sweden and Norway, so in most cases, you can link your other bank accounts.
Connect your other bank account
You can connect your other bank accounts directly in the Lunar app.
Using Open Banking, information is retrieved automatically from your other bank as soon as you give your consent. This allows you to view balances and transactions from both banks in the same place, eliminating the need to log into multiple apps for a complete overview of your finances.
You can read more about how to connect as well as other information about connecting a bank, here.