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An AISP's main goal is to democratise access to financial data, aiding customers in taking control of their financial lives. Data is consolidated with user convenience in mind, usually by offering a single unified interface. PISPs are service providers that can process payment transactions on behalf of a customer.

Payment initiation is a type of payment method facilitated by open banking. Put simply, it involves customers allowing third-parties to connect to their banks and authorise payments directly from their bank account.

Payment services provider (PSP) - This licence allows businesses that provide payment services directly or indirectly through an intermediary (e.g., credit card processing) Electronic money issuer (EMI) - This licence allows organisations or individuals who wish to issue electronic money in their own name.

For businesses that plan to carry out only account information services in the UK, there is an option to become a registered account information service provider (RAISP). AISP providers have no capital requirements and need to meet fewer conditions than authorised or licensed firms.

Companies that want to be regulated as an AISP or PISP must go through a rigorous application process with the FCA. Some Open Banking providers can be regulated as both an AISP and a PISP, but many only have one.

A PISP can make payments directly from your bank account instead of using a debit or credit card with your consent. A PSP carries out regulated payment services, such as those described in this glossary. SCA is an extra layer of security for your payment account.

A PISP can make payments directly from your bank account instead of using a debit or credit card with your consent. A PSP carries out regulated payment services, such as those described in this glossary. SCA is an extra layer of security for your payment account.

Our role in regulating AIS and PIS providers Businesses that provide payment initiation services must be authorised and must have a minimum of €50,000 in initial capital (or higher if they provide certain other payment services). Both AISPs and PISPs have to hold professional indemnity insurance (PII).

An AISP's main goal is to democratise access to financial data, aiding customers in taking control of their financial lives. Data is consolidated with user convenience in mind, usually by offering a single unified interface. PISPs are service providers that can process payment transactions on behalf of a customer.

Payment initiation is a type of payment method facilitated by open banking. Put simply, it involves customers allowing third-parties to connect to their banks and authorise payments directly from their bank account.

Payment services provider (PSP) - This licence allows businesses that provide payment services directly or indirectly through an intermediary (e.g., credit card processing) Electronic money issuer (EMI) - This licence allows organisations or individuals who wish to issue electronic money in their own name.

For businesses that plan to carry out only account information services in the UK, there is an option to become a registered account information service provider (RAISP). AISP providers have no capital requirements and need to meet fewer conditions than authorised or licensed firms.

Companies that want to be regulated as an AISP or PISP must go through a rigorous application process with the FCA. Some Open Banking providers can be regulated as both an AISP and a PISP, but many only have one.

A PISP can make payments directly from your bank account instead of using a debit or credit card with your consent. A PSP carries out regulated payment services, such as those described in this glossary. SCA is an extra layer of security for your payment account.

A PISP can make payments directly from your bank account instead of using a debit or credit card with your consent. A PSP carries out regulated payment services, such as those described in this glossary. SCA is an extra layer of security for your payment account.

Our role in regulating AIS and PIS providers Businesses that provide payment initiation services must be authorised and must have a minimum of €50,000 in initial capital (or higher if they provide certain other payment services). Both AISPs and PISPs have to hold professional indemnity insurance (PII).