Working with Powens
Powens (formerly known as Budget Insight) is one of the French experts of Personal Financial Management tools recommanded by major European banks and insurance companies. Security and data confidentiality are the top priorities of its business.
Why use a partner? We decided not to develop it internally from a blank page because it would have required longer developments when the solution was already operational and met our specifications: security, data confidentiality, ACPR and PSD2 certifications.
The partnership with Powens is therefore official and audited: Cozy Cloud is registered under number 84516 by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) as a Powens Agent, an approved payment institution.
What impact for you, the user?
The revised Payment Services Directive (PSD2) is a new legislative framework that represents a real benefit for European consumers, who will see their banking security strengthened and allow new players to enter the market, all after obtaining an authorisation, a guarantee of confidence and security. This was a prerequisite to ensure the best experience with the Cozy Banks application.
Working with Powens allows for an increase of use of Cozy Banks that will gradually provide you with a wider catalogue of banks, new features and new types of data to import.
If you host your Cozy on your own server, unfortunately this solution cannot yet be made available to you. But Cozy Cloud is thinking of you: we have already developed a connector that can be used in your case for one of the major French banks, and we have made all the tools and technical documentation available for our large community of contributors so that other bank connectors can be made available quickly.
Where is your data stored and how is it protected?
All data is encrypted with an RSA key and stored on servers hosted in France whose hard disks are also encrypted.
The storage of your data complies with the requirements of CNIL n°1621894 in terms of confidentiality and data control.
How are echanges made with your bank?
All data exchanged between the bank and Powens goes through the secure HTTPS protocol, it is the same protocol used for online financial transfers such as online banking, online brokerage and e-commerce. Powens is constantly monitoring best practices around SSL/TLS protocols to offer the highest level of security.
Is Powens an approved establishment?
Since January 2016, Powens's activity is protected and governed by the Payment Services Directive 2 ((PSD2), a directive led by the European Banking Authority (EBA) which aims to regulate our business by applying the security standards in force). Powens is a very active player on the topic and participates in many debates to facilitate the use while ensuring a maximum level of security. Learn more about the DSP2.