Account Information and Payment Initiation Services

The Payment Services Directive 2 identifies two types of payment providers which do not hold customer payment accounts: Payment Initiation Service Providers (PISP) and Account Information Service Providers (AISP).

PISPs can initiate a payment from a customer’s payment account held with a bank, after seeking the customer’s consent.

AISPs allow you to see all your account information in just one place, usually online or through an app. These entities will need your consent to provide you with these services.

Both PISPs and AISPs can only provide these services if you give them your explicit consent, they can never assume that you gave it. It is important that you ensure, before making any agreement with this kind of entities, that they gave you  the necessary information, namely about the nature of the service, how will they use your data and whether they will share your data with other entities.

When using these services providers, make sure you always:

  1. Are satisfied that the entity you are speaking to is who it claims to be, If you have any doubts, do not provide any personal or account details;
  2. Read all the terms and conditions and any other information provided before you establish an agreement with them;
  3. Make sure that you understand and are comfortable with the access you are giving to your account, how will the information on that be used and to whom will it be passed on to;
  4. Verify your bank statements and confirm with your bank any activity (payment) that you are not recognizing.