Under Open Banking, organisations other than your bank (called Third Party Providers) can have access to your account with your permission. This page explains how it all works.
|AISP||Account Information Service Provider||An AISP allows you to gather information from one or more of your payment accounts, which may be held with different banks, in one place. An AISP may provide you with consolidated or aggregated account information.|
|API||Application Programming Interface||An API is a set of tools that allow apps to communicate with each other. In Open Banking the APIs will allow TPPs & ASPSPs (see below) to communicate with each other and exchange data and instructions in a safe and secure manner.|
|ASPSP||Account Servicing Payment Service Provider||An ASPSP is a PSP (see below) that provides and maintains a payment account for a customer. This includes banks and building societies. AIB is an example of an ASPSP.|
|PISP||Payment Initiation Service Provider||A PISP allows you to make payments directly from your bank account instead of using a debit or credit card|
|PSP||Payment Service Provider||
A PSP is an entity which carries out payment services. Examples of payment services may be AISPs and PISPs.
|TPP||Third Party Provider||A TPP is an authorised/registered payment service provider. There are different types of TPPs outlined above, namely AISPS, CBPIIs and PISPs.|
|SCA||Strong Customer Authentication||SCA is an extra security layer. You may have used or seen this on other websites called Two Factor Authentication, and it helps fight fraud by strengthening your existing login details. SCA will be required from September 14 2019.|
What is a Third Party Provider (TPP)?
Third Party Providers (known as TPPs) are Payment Service Providers (PSPs) that may use APIs to access your accounts with your permission.
To make use of these TPP services, you will need to give your permission to the TPP. A TPP cannot access your account without your permission.
AISPs and PISPs are types of TPP.