The core terms of open banking — short, clear and accurate definitions. Each term has a detailed explanation and FAQs.
An AISP (Account Information Service Provider) is a licensed open banking party that, with the user's explicit consent, accesses balance and transaction information in bank accounts on a read-only basis.
Read definition →A PISP (Payment Initiation Service Provider) is a licensed open banking party that, with the user's consent, initiates account-to-account payments directly from the bank account.
Read definition →PSD2 (Payment Services Directive 2) is the European Union's payment services directive that made open banking mandatory, requiring banks to open API access to licensed third parties with user consent.
Read definition →PSD3 (Payment Services Directive 3) is the EU's proposed new payment services framework that updates PSD2 and, together with the Payment Services Regulation (PSR), aims to strengthen API quality, fraud prevention and data-access rights.
Read definition →Strong Customer Authentication (SCA) is a multi-factor security method that requires verifying the user with at least two independent elements: knowledge (a password), possession (a phone) and inherence (biometrics).
Read definition →IBAN verification is confirming, before a payment is made, that the target IBAN actually belongs to the expected person or organisation — reducing the risk of misdirected payments and fraud.
Read definition →Explore our open banking infrastructure connecting to 850+ banks via one API.
