Belgium ranks second in the EU by number of licensed third-party payment providers — and that position reflects a market where open banking in Belgium has moved well beyond regulatory theory into daily commercial reality. TODA Pay connects businesses directly to this infrastructure, replacing costly card intermediaries with account-to-account transfers that settle in seconds, not days.
How Open Banking Works in Belgium Today
Open banking operates under the EU’s Payment Services Directive 2 (PSD2), which Belgium adopted as national law in 2018. The framework requires banks to grant licensed third-party providers (TPPs) secure API access to customer payment accounts — strictly with verified customer consent. Two regulatory bodies govern compliance at the national level: the National Bank of Belgium (NBB) issues TPP licences and oversees payment institutions, while the Financial Services and Markets Authority (FSMA) supervises conduct and consumer protection.
Four pillars define the Belgian open banking ecosystem:
- National Bank of Belgium (NBB) — primary regulator; issues licences for payment and e-money institutions
- FSMA — supervises TPP conduct and safeguards consumer financial interests
- Berlin Group / NextGenPSD2 — the technical API standard adopted by Belgian banks and TPPs
- Itsme® — Belgium’s national digital identity app, used for Strong Customer Authentication (SCA); reduced phishing fraud by 25%, saving €9 million annually
Together, these four elements form a legally robust, technically documented foundation that businesses can rely on for production-grade payment operations.
Business Case: Why Belgian Market Demands Open Banking
The data makes a clear argument. By 2023, 80% of Belgian adults actively used online banking services, and 87% of households reported regular digital financial activity. In 2024 alone, Bancontact and Payconiq processed 2.5 billion payments — confirming that Belgian consumers are already transacting through bank-native channels at scale.
Traditional payment gateways, however, extract a significant share of that volume. Card networks and e-wallet facilitators charge merchants 2–8% per transaction, impose chargeback liability, and often settle funds over multiple business days. For high-volume or high-risk operators, those costs compound rapidly.
The comparison below shows where open banking delivers structural advantage:
| Parameter | Traditional Gateway | Open Banking |
| Transaction Fee | 2–8% per transaction | Significantly lower; fixed or volume-based |
| Settlement Time | 1–5 business days | SEPA Instant: seconds, 24/7 |
| Chargeback Risk | High; merchant bears liability | Near-zero; push-payment model |
| Fraud Exposure | Card data interception risk | No card data transmitted |
| Cross-border Ready | Limited SEPA support | Full SEPA zone coverage |
As a result, businesses that switch to open banking payments retain more revenue per transaction while reducing operational risk — a combination that compounds at scale.
Core Open Banking Services Belgian Businesses Use
Two foundational service types power the Belgian open banking stack. Account Information Services (AIS) give licensed providers read access to account balances and transaction history — with customer consent — enabling credit scoring, automated reconciliation, and financial reporting. Payment Initiation Services (PIS) allow those same providers to trigger bank transfers directly from a customer’s account, without routing funds through a card network.
Four commercial use cases drive the highest adoption among Belgian and international businesses operating in the region:
- E-commerce merchants accept Pay by Bank at checkout — no card data stored, no chargeback liability, instant confirmation
- B2B operators and importers execute SEPA Instant transfers 24/7, eliminating the settlement delays that tie up working capital
- High-risk merchants (forex, gaming, digital goods) access a fully licenced A2A payment channel that bypasses card network restrictions while remaining compliant under NBB supervision
- Platforms and marketplaces distribute mass payouts to suppliers, affiliates, or gig workers through a single API call, replacing manual batch transfers
Each use case relies on the same underlying infrastructure: a direct, consent-based connection between the payer’s bank account and the merchant’s settlement account — no intermediary holds funds in transit.
Regulatory Roadmap: PSD3, FiDA and What Changes for Merchants
Belgium’s open banking environment continues to evolve. The National Bank of Belgium will implement the Third Payment Services Directive (PSD3) and the accompanying Payment Services Regulation (PSR), which together tighten fraud liability rules, expand TPP access rights, and standardise API quality requirements across the EU. For merchants, stronger API standardisation means fewer integration failures and more consistent payment success rates across bank connections.
Three concrete changes arrive for businesses operating in Belgium:
- Consent management dashboards become mandatory for all banks, giving customers a single interface to grant or revoke TPP access — directly increasing consumer confidence and open banking adoption rates
- SEPA Instant acceptance is now mandatory for all Eurozone banks at no additional charge, as of January 2025, making real-time settlement the default rather than a premium option
- FiDA expands accessible data beyond payment accounts, enabling more accurate business credit scoring and richer financial analysis for SME lending and onboarding
Businesses that integrate open banking payments now position themselves ahead of this regulatory curve, rather than scrambling to adapt after it arrives.
Start Accepting Open Banking Payments in Belgium
Belgium’s open banking infrastructure is mature, regulated, and commercially ready. TODA Pay provides the licensed connection layer that puts that infrastructure to work for your business — whether you operate a high-risk merchant account, an import-export business, a fintech platform, or an e-commerce operation scaling across the SEPA zone. As a regulated payment institution, it carries the NBB-compliant licencing framework that high-risk and enterprise clients require from a payment partner.
Businesses that connect gain direct access to:
- Belgian and SEPA-wide bank coverage via a single API integration — consumer, business, and corporate accounts supported
- High-risk industry support under a licenced EMI framework, with no card-network dependency or chargeback exposure
- SEPA Instant settlement and multi-currency IBAN for cross-border operations across the EU and beyond
- Zero chargebacks and reduced transaction costs through direct account-to-account payment routing
Connect to Belgium’s open banking infrastructure through TODA Pay — request access today.
Frequently Asked Questions
What is open banking in Belgium?
Open banking in Belgium enables licensed third-party providers to access bank account data and initiate payments via secure APIs, with explicit customer consent under PSD2. Businesses gain direct bank-to-bank payment capabilities, eliminating intermediaries and reducing transaction costs significantly.
Which regulatory bodies oversee open banking in Belgium?
The National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) jointly regulate open banking, ensuring third-party providers meet strict licencing and security standards. Both institutions also prepare Belgium’s financial sector for the transition to PSD3 and FiDA.
How does open banking differ from traditional payment gateways?
Traditional gateways charge 2–8% per transaction, carry chargeback risk, and settle funds over multiple business days. Open banking delivers account-to-account transfers with near-zero chargeback exposure, lower fees, and SEPA Instant settlement available around the clock.
Is open banking in Belgium available for high-risk businesses?
Yes — licenced payment institutions operating under NBB supervision offer open banking payment channels specifically suitable for high-risk industries including forex, gaming, and import-export. Account-to-account payments bypass card network restrictions while maintaining full regulatory compliance.
What will PSD3 change for businesses operating in Belgium?
PSD3 and the accompanying Payment Services Regulation will mandate a consent management dashboard, giving customers clearer control over TPP data access and increasing user trust in open banking services. Businesses will benefit from wider adoption, stronger API standardisation, and expanded cross-border payment capabilities across the EU.
