AISPs

AISPs, or Account Information Service Providers, are organizations authorized to access a user’s bank account data to provide information services. They do not initiate payments; instead, they collect and present data from one or more accounts to support financial management, budgeting, reporting, or credit assessment. AISPs operate within regulatory frameworks that require explicit user consent and secure data handling.

Regulatory framework and access mechanisms

In the European Union, AISPs are a type of payment service provider under the PSD2 directive. Banks grant access to customer account data via secure interfaces, often described as access to accounts or XS2A (Access to Account). Access is contingent on the customer’s explicit consent and is subject to strong customer authentication where applicable. AISPs must be authorized and supervised by national competent authorities and comply with applicable financial, security, and anti-money-laundering requirements, as well as data protection laws such as the GDPR.

Data scope, consent, and privacy

AISPs typically obtain data such as balances, transaction histories, and account identifiers, limited to what the customer has consented to share. Consent is revocable, and data retention should align with stated purposes and legal requirements. Security measures, including encryption, secure storage, and incident reporting, are central to their operation.

Use cases and services

Common use cases include personal finance management, multi-bank budgeting tools, expense tracking, financial analytics, and credit or risk assessment. By aggregating information across accounts, AISPs provide a consolidated view that can improve financial planning and decision-making.

Relation to other players

PISPs (Payment Initiation Service Providers) initiate transactions, whereas AISPs retrieve information. Both can operate within XS2A frameworks in various jurisdictions; Open Banking initiatives in some regions formally recognize AISPs and PISPs under standardized APIs and oversight.

Regional notes

Regulation and terminology vary by country. In the EU, PSD2 governs AISPs; in the UK, Open Banking frameworks provide similar roles with oversight by appropriate authorities and industry bodies.