Open Banking Concepts & Definitions

Dedicated financial protocols allowing Third Party Providers (TPP) to connect to Account Servicing Payment Service Providers (ASPSP) on behalf of a Payment Service User (PSU) to enable the following:

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Account Information Service Providers (AIS) - a service based on a set of APIs providing data on the PSU’s accounts, account details, account balances and transactions and gives regulated providers access to a customer’s bank account data, for the provision of services to that customer (and only with that customer’s permission).

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Payment Initiation Service (PIS) - service based on a set of APIs enabling regulated providers to initiate and execute payments out of that account on the customer’s behalf (and only with that customer’s consent).

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Payment Instrument Issuing Service Provider (PIISP) - a set of APIs used for Confirmation of the Availability of Funds service used by a regulated company to carry out PIS related operations.

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PSU – Payment Service User (PSU) is a natural or legal person making use of payment services as payer, payee, or both.

Typical ASPSPs are financial organizations providing a PSU various financial servicers: banks, credit card companies, financial institutions, insurance companies, etc. which are required to enable customers to access their data and initiate payments via third parties.

Third Party Providers, the collective name for regulated/authorized account information and payment initiation service providers.

TSP - Companies that work with TPPs to deliver open banking services or products.

Consent management is one of the most crucial elements of open banking rules. It asks for, obtains, and monitors bank customers' approval before third-party providers can gather or share their financial data. All access by a TPP to a PSU’s data from an ASPSP in done based on a Consent which was previously created and approved by the user.

Payment Service User (PSU) is a natural or legal person making use of payment services as payer, payee, or both.