One integration,
all of open banking.

FAQ

• What is open banking?

  Open banking refers to the safe and improved technology for transferring money or accessing a consumer’s financial information.

• How do open banking APIs work?

  Open banking access is provided through APIs (application programming interfaces) such as Plaid. An open banking API allows financial innovators open and controlled access to a consumer’s data from banks (with consent every 90 days).

• What is the difference between open banking and PSD2?

  PSD2 stands for the Revised Payment Service Directive. PSD2 is a piece of legislation authorised in the EU that gives open banking both authorisation and enforced security, specifically through multi-factor authentication. PSD2 adds to open banking by enhancing its security, providing assurance to both consumers and a high level of standards for third parties in terms of security protocols.

• What is the difference between ASPSP, AISP, and PISP?

  ASPSP stands for Account Servicing Payment Service Provider. ASPSPs are financial institutions such as banks and building societies.
  
  AISP stands for Account Information Service Provider. With the consumer’s consent, AISPs can analyse and interpret their bank account data, but do not have the authorisation to process payments.
  
  PISP stands for Payment Initiation Service Provider. A PISP has authorisation to process payments on the consumer’s behalf, again with their explicit consent.

• What is VRP?

  Variable Recurring Payments (VRPs) allow PISPs to authorise payment transfers that may differ in amount each month. VRPs, like other PISP functions, directly debit a consumer’s bank account with the consumer’s consent. The primary difference with VRPs is the change of that amount each month.