There are more than one hundred regulated or unregulated FinTechs operating in the Czech Republic, mostly in areas such as accounting, payments, savings and personal finance, Peer-to-Peer and crowdfunding. Czech FinTechs operate in a market heavily dominated by banks. Czech traditional financial services providers are also active in the FinTech sector; they establish accelerators, operate venture capital funds and acquire equity of FinTechs. Banks are required to allow connectivity to view customer account data and to initiate payments under the Payment Services Directive 2, but FinTechs experience operational difficulties when connecting through the Application Programming Interfaces set up by banks. FinTechs often resort to aggregators to access data. There is a Czech Standard for Open banking, however it is not mandatory. Bank ID is a method of verification of identity built upon the connectivity framework which allows users to log in to the portals of companies and state administration.