Basic information

Open banking is a process of securely sharing financial accounts’ data between banks and third-party providers and initiating payments. It leads to innovation, competition, and efficiency – quick, simple, and secure.

The Second Payment Services Directive (PSD2) provides the legal foundation for the development of open banking, better integrated internal market for electronic payments within the European Union. PSD2 mandates that banks allow a third party to access information from the payment account with the goal of ensuring harmonised rules for the provision of payment services in the EU and a high level of consumer protection.

Account information services (AIS) give consumers and businesses an overview of their financial situation by consolidating information across the different payment accounts they may have with one or more payment service providers.

The Account Information Service (AIS) offers the following services:

• transaction reports for a given account or card account, including balances if applicable,
• balances of a given account or card account, - a list of available accounts or card accounts,
• account details of a given account or card account or of the list of all accessible accounts or card accounts relative to a granted consent.

Payment initiation services (PIS) help consumers make online payments and inform the merchant immediately of the payment initiation, allowing for the immediate dispatch of goods or immediate access to services purchased online.

The Payment Initiation Service (PIS) offers the following services:

• initiation and update of a payment request,
• status information of a payment.