← Back to glossary Category: Financiar Open Banking Quick answer: The standard letting authorized third-party apps securely connect, with the company's consent, to bank accounts to read statements and initiate payments — the basis of automated reconciliation. Key takeawaysBank statements arrive automatically instead of being downloaded from each bank portal.Receipts and payments can be reconciled daily rather than monthly.No more CSV/PDF files emailed between finance and operations. What Open Banking is Open Banking is the model where banks expose account data and payment initiation through standardized, secure APIs — but only with the account holder's explicit consent. An authorized app (like Azuvio) can connect to the company's account to read the daily statement or prepare payments, without storing the online-banking password. Why it matters for companies Bank statements arrive automatically instead of being downloaded from each bank portal. Receipts and payments can be reconciled daily rather than monthly. No more CSV/PDF files emailed between finance and operations. Every bank in Romania Under PSD2, Romanian banks (BCR, BRD, Banca Transilvania, ING, Raiffeisen, UniCredit, CEC Bank, OTP, Revolut and others) expose open-banking access. Azuvio connects to all of the company's banks and pulls statements automatically — regardless of how many accounts or currencies you have. How Azuvio helps Azuvio automatically pulls statements from every bank in Romania via open banking (PSD2), normalizes them into one format and runs them through the reconciliation engine that links each receipt to its invoice — no manual downloads, no manual matching. Frequently askedDoes Open Banking mean someone can see my money?Not without your consent. Access is granted explicitly, for the accounts and scopes you choose (read statements and/or initiate payments), and can be revoked anytime. Your online-banking password is never shared.Does it work with all Romanian banks?Yes. Under PSD2, Romanian banks expose open-banking access, and Azuvio automatically pulls statements from all of the company's accounts, regardless of bank or currency. Where Azuvio fitsReconciliere bancară automatăConformitate fiscală ANAFSoftware OMSConectori ERP Related termsPSD2 (Payment Services Directive 2) — The EU directive requiring banks to open secure API access to accounts for authorized providers — the legal foundation of open banking.Bank reconciliation — Matching each bank-statement transaction to its invoice, order or payment — automated through open banking.Automated bank statement — Pulling the bank statement into the system automatically via open banking, instead of downloading it manually from each bank portal.AIS and PIS — The two PSD2 open-banking services: AIS (account information / statements) and PIS (payment initiation) — used for reconciliation and automated payments. Last updated: 2026-07-06