Key terms

Account Information Services Provider (AISP)

The company that has been granted permission to access a client’s financial institution account data and use their account information to provide a service.

Account Servicing Payment Service Provider (ASPSP)

The banks and e-wallets that provide the clients with payment accounts. The ASPSPs are required to provide interfaces that allow making payments initiated by third-party providers and provide information about the state of the account and transaction history with client consent.

Dedicated Interface

The regulatory term for an interface, such as an API, which provides secure server-based real-time access to account provider systems and therefore to account holder data and payments through a regulated TPP.

Open Banking (OB)

The system of allowing access and control of client banking and financial accounts through third-party applications.

Payment Services Directive (PSD2)

The Revised Payment Services Directive (2015/2366) administered by the European Commission to regulate payment services and payment service providers throughout the European Union and European Economic Area.

Payment Services User (PSU)

The payment service client who is a natural person or legal entity using the ASPSP payment service as a payer, payee or both.

Payment Information Services Provider (PISP)

The third party provider that is authorized to initiate a payment order at the request of an account holder with respect to a payment account held at another account provider.

Third Party Provider (TPP)

The authorized service provider that uses ASPSP interfaces developed in accordance with the PSD2 requirements to access client accounts to provide information services, initiate payments and check the availability of funds on the account.