What is Open Banking?

What does AISP & PISP mean?

Chapter 7

In order for a financial service provider to be fully authorised through PSD2 to use the Open Banking APIs they have to be registered as either one of or both of the following.  

AISP – Stands for Account Information Service Provider 

PISP – Stands for Payment Initiation Service Provider

What can AISP’s do?

Being an authorised AISP means that business can ask for permission to connect to a bank account and use that bank account information to provide a service.

Businesses who are AISP’s, like OpenWrks, are authorised to ‘read-only’ access of bank account information. Basically, they can look but can’t touch, which means they cannot move a customers money.

Services and tools that are associated with AISPs consist of; price comparison, money management tools, quicker and more accurate access to financial products and speeding up manual processes such as applying for a mortgage, a loan and so on.

What can PISP’s do?

Businesses that are authorised PISP’s can ask for permission to connect to a bank account and initiate payments on the customer’s behalf, from their bank account.

There are a number of reasons why you might want a business to be able to initiate payments for you, for example, an app that helps you manage money in your various savings and current accounts to ensure you never go over-drawn and don’t have to pay potentially hefty overdraft fees. It’s possible to expect this type of capability in retail, where you allow a company that you shop regularly online with to connect to your bank so you get instant checkout and don’t need to re-enter card details for every transaction. 

Chapter 1

Who's who?

Everything you need to know about Open Banking.

Chapter 2

How we got here

Way back in 2013 The Competition and Markets Authority (CMA) started a review of the UK retail banking industry and financial...

Chapter 3

Who are the participating banks

9 UK based banks were ordered to create Open Banking APIs. These participating banks are referred to as the CMA9.

Chapter 4

How secure is Open Banking?

Open Banking is very secure - as secure as your online banking. The Open Banking API endpoints have been built by the banks...

Chapter 5

What data will be shared?

The information that you choose to share through Open Banking will vary depending on the service that you want to receive.

Chapter 6

How do I provide or remove permissions?

Your online banking is the only place where you can control who has permission to see your bank account and for what purpose.

Chapter 7

What does AISP & PISP mean?

To be fully authorised through PSD2 to use the Open Banking APIs businesses have to be registered as either an AISP or PISP.

Chapter 8

Quickfire Open Banking FAQs

All your questions answered in our quick fire Open Banking FAQs.

Chapter 9

Open Banking jargon dictionary

Our Open Banking jargon dictionary has been put together to translate acronyms and keywords into simple terms.