Hi, my name is Veroniek Willen and I’m responsible for Operations within TOCO.

Much has been said and written about PSD2 (Payment Service Directive). Certainly for your financial service providers, such as banks and bookkeepers, it has been a popular conversation topic for some time now. But what does it actually mean for you as an entrepreneur, now that the first applications of PSD2 are gradually being launched on the market?

A framework for sharing financial data

PSD2 is a European regulation, and therefore applicable to all European banks.  The regulation obliges banks to open account information and payment initiation when you, as an account holder, give permission to do so.  You can only give this permission to parties who have a licence with the National Bank. This licence is only granted after a thorough examination of the internal organisation, compliance and IT security. The parties thus comply with strict conditions with regard to the security of your data.

Your financial administration becomes a lot more efficient

“Cash is King” goes the saying, meaning that your cash position should be the beating heart of your business. That’s easier said than done.

To do your administration, you typically use a digital archive where you collect all important documents (from purchase and sales invoices to company documents). If you want to make a payment or want to know whether a sales invoice has been paid, you consult your banking application(s).  And at the end of the quarter at the latest, you make sure that everything reaches the accountant.

Your financial data are scattered throughout your archive, your banking application and the bookkeeping. Anyone who has tried to make a cash or budget forecast knows how challenging it is to bring together data from these different sources.

With PSD2 it is not only possible to finally link your bank information to your documents, but also to make a payment directly from your documents. You can also share your bank details with your accountant, so that these data are also linked to your bookkeeping.

With TOCO, you don’t have to wait for PSD2 – Centralise your financial administration right now.

PSD2 offers numerous advantages for you as an entrepreneur, but so far we have seen a slow adoption. Even though the legislation has been applicable since September 2019, few banks are ready to deliver qualitative data and the number of parties offering solutions is limited.

With TOCO, you can already enjoy the benefits awaiting PSD2.  The predecessor of PSD2 is CODA (coded daily statements) and these CODA files are usually already processed in your accounting system. With TOCO you can now consult CODA files yourself. This way you always have an overview of your cash position and bank transactions at a glance.

Payments of invoices can be made in TOCO by means of a QR code. This QR code works at KBC, Belfius and Bunq. This way you do not have to type over all the payment details of your invoice into your banking application.

What’s more, you can easily forward your documents to your accountant so that your bookkeeping is always up to date.

The advantages at a glance

  • PSD2 is a European regulation, and therefore applicable to all European banks.
  • As an entrepreneur, you give yourself permission to share your data
  • The parties with whom you share the data must have a licence from the National Bank. This means that they are thoroughly screened and comply with strict conditions regarding the security of your data.
  • Control over your financial data provides you with the following options:
    • Bring together your account information from different banks in a single tool, so that you maintain an overview of your cash position.
    • Link your documents to your bank transactions. This gives more context to your bank transactions and makes it easier for you to look them up later.
    • Pay your invoices easily and with one click, without having to switch to your banking application.
    • Share your documents and your bank details with your bookkeeper so that reconciliation in your bookkeeping can run smoothly.

With TOCO, you don’t have to wait for PSD2!

TOCO gives access to your CODA files and let you connect with your bookkeeper to make your administration more efficient already.

TOCO gives you peace of mind when it comes to your paperwork

  • centralise your documents
  • pay for them with one click
  • and forward them to your accountant…all from one solution.


Start TOCO for Accountants, for free!