This is common practice in germany. The whole payment methode "sofortüberweisung" or "sofort" is based on this. You give your login information and a single use password to sofort, they initiate a wire transfer and instantly guarantee the money will arive. (It will arrive 24h later, as banks are allowed to delay it this long and they use it as additional liquidity) Of course this is a security nightmare and or course the ToS of the Banks prohibit you from sharing your login details. But unfortunately they don't enforce their ToS. Recently the cartel office called for making this part of the Banks ToS void, as they would "hinder the adoption of innovative FinTec".
But it illustrates how deeply flawed the whole banking sector is that people are willing to give up passwords to third parties or paying insane fees to paypal. IMHO we urgently need a law that makes wire transferees instant, or this dangerous and incredible expensive layers grow for the disadvantage of everybody (expect paypal and sofort).
But it illustrates how deeply flawed the whole banking sector is that people are willing to give up passwords to third parties or paying insane fees to paypal. IMHO we urgently need a law that makes wire transferees instant, or this dangerous and incredible expensive layers grow for the disadvantage of everybody (expect paypal and sofort).