Overview

Under the PSD2 regulation and keeping in mind that our customers are or can be considered ASPSPs (Account Servicing Payment Service Provider) we need to provide them with the capacity of, in the context of the Open Banking Ecosystem, publish Read/Write APIs to permit, with client consent, payments initiated by third-party providers and/or make their clients’ account transaction data available to third party providers via their API endpoints. This means that we need to grant our users API access to their account data and also initiate payments from our API.

In addition, the regulation requires to manage the consent from a user to grant a TPP (Third Party Provider) to access account information and payment initiation.

As a separate requirement, we must show the user what consent has been granted and the ability to revoke consent.

To achieve all the above we are partnering with Tell Money, part of our marketplace ecosystem, managing the authorisation and access requests from the TPPs, and creating the API documentation for each of our customers using this service.

Terms You Need to Know

Word	Definition
PSD2	PSD2 legislation is intended to make banking data more transparent to consumers and expands on the following areas of the Payment Services Directive: -Improving security using Strong Customer Authentication -Advancing consumer rights -Enabling third-party account and payment services such as AISPs and PISPs to access customer account information
ASPSP	Account Servicing Payment Service Providers provide and maintain a payment account for a payer as defined by the PSRs and, in the context of the Open Banking Ecosystem are entities that publish Read/Write APIs to permit, with customer consent, payments initiated by third-party providers and/or make their customers’ account transaction data available to third party providers via their API endpoints.
ASPS Brand	An Account Servicing Payment Service Providers (ASPSP) brand is any registered or unregistered trade mark or other Intellectual Property Right provided by an ASPSP.
TPP	Third-Party Providers are organisations or natural persons that use APIs developed to Standards to access customers’ accounts, in order to provide account information services and/or to initiate payments. Third-Party Providers are either/both Payment Initiation Service Providers (PISPs) and/or Account Information Service Providers (AISPs).