aisp

An Account Information Service Provider (AISP) is a type of payment service provider defined under the European Union's PSD2 directive. AISPs offer account information services by obtaining customer consent to access one or more bank accounts and present a consolidated view of account data, transaction history, and other financial information. The goal is to enable consumers to manage finances more effectively and to support developers in building personal finance tools and services.

How it works: Banks provide access to account data through secure interfaces known as access to accounts (XS2A) APIs under PSD2. Customers authenticate and authorize the AISP to retrieve data. The AISP then aggregates and analyzes the information, often presenting it in a single dashboard or reporting tool. AISPs do not hold customer funds and do not initiate payments; that function is performed by Payment Initiation Service Providers (PISPs) or the customer's bank.

Regulatory context: AISPs are regulated payment service providers under PSD2 and may require authorization by national competent authorities or registration depending on the jurisdiction. They must comply with rules on security, customer authentication (SCA), data privacy (GDPR), and explicit customer consent. Data-handling practices, transparency about data usage, and robust cybersecurity are required.

Impact and scope: Open Banking regimes in the EU and similar frameworks in other regions use AISPs to enable multi-bank account aggregation, budgeting, credit scoring, and financial planning. Notable challenges include data standardization, consent management, and ensuring secure data sharing across institutions.

---