PSD2 enables new methods for making (online) payments and retrieving information from your bank accounts. It allows new providers to enter the market. These providers need access to your bank account in order to provide their services. You can give your consent, but it is up to you to decide. No-one obliges you to do so.
Payment initiation services
You can allow a payment initiation service provider to initiate a payment order from your bank account. The payment initiation service provider then asks the bank to execute the payment order on your behalf, and the bank processes the payment order. This service is a new method for making online payments. It is an alternative for e.g. iDEAL, credit card and PayPal payments. Payment initiation services involve a transfer of money from your account..
Account information services
You can allow an account information service provider to create an overview of your bank accounts with one or more banks, and of your payments. This can be helpful for planning your budget. It can also be useful if you need financial advice or wish to purchase a financial product. Account information services involve the use of information about your bank accounts.