Overview

Glossary

Account Information

When used in Open Banking, ​Account information​ refers to an API that gives access to account and transaction information. To gain that access there needs to be two types of authorisation. On one side, the entity accessing the API must be an authorised institution (known as an AISP). On the other side, the person or business that owns that account (called the PSU) must give the AISP permission to access that specific account.

AISP

An AISP (Account Information Service Provider) is authorised by a competent authority to access the account and transaction information of individuals and businesses who have given it permission do so. An AISP might use this access to provide a aggregation service, for example, allowing people to see several of their bank accounts in one place.

ASPSP

The ASPSPs (Account Servicing Payment Service Providers) are the account providers. These APIs provide access to customer account information (for example, to AISPs) and also allow third-party providers (TPPs) to initiate payments from the account provider’s customers’ accounts.

The customer must give specific permission to the entity that wants to access their account information and initiate payments on their behalf.

CBPII

A card-based payment instrument issuer is a third-party card provider that enables a customer to make payments from a bank account held with an ASPSP.

Competent Authority

In Open Banking, a Competent Authority is a regulator who can authorise entities to be ASPSPs, AISPs, TPPs and so on. The UK Competent Authority is the FCA.

Directory

The Open Banking Directory is the canonical list of providers who are authorised to take part in the Open Banking ecosystem. The directory handles authentication between registered providers.

Directory Sandbox The Open Banking Directory Sandbox provides a test instance of the real directory so that providers can test their implementations before going live. You’ll need to registered with the Open Banking Directory Sandbox in order to use the Zopa API sandbox.

FCA

The Financial Conduct Authority is the UK regulatory responsible for authorising participants in Open Banking. It is the UK’s Competent Authority.

OBL

Open Banking Limited (formerly known as the Open Banking Implementation Entity) is tasked with overseeing the delivery of Open Banking in the UK.

Open Banking

Open Banking is the consumer-friendly name for the UK’s implementation of the second edition of European Union’s Payment Services Directive. Open Banking oversees the regulatory and technical framework, based on the requirements of the directive, of PSD2 in the UK.

PSD2

The second edition of the European Union’s Payment Services Directive sets the framework for Open Banking and similar implementations across the EU.

PISP

A Payment Initiation Services Provider is a service that uses Open Banking APIs to make a payment from a person’s bank account held at another institution, at their request.

PSP

A Payment Service Provider is any of the regulated Open Banking providers, including ASPSPs (such as Zopa), PISPs, AISPs and CBPIIs.

PSRs

The Payment Service Regulations are the UK’s implementation of the second edition of the European Union’s Payment Service Directive (PSD2).

PSU

A Payment Services User is an individual or business using an Open Banking payment service.

PTC

The Primary Technical Contact is the person responsible for the management of the technical aspect of an entity’s implementation of Open Banking.

SCA

Strong Customer Authentication is the technical standard required by the EBA for PSD2 services.

TPP

Third-party providers are the people or institutions that are authorised by a Competent Authority to access customer account information (AISPs) or to initiate payments (PISPs).

UK RTS

The technical standards set for Open Banking (and PSD2 in general) by the Financial Conduct Authority are called the Regulatory Technical Standards.

Sandbox

An Open Banking sandbox provides an environment and data for testing an implementation without having to use real data or be authorised by a Competent Authority.

XS2A

Access to account –– a key principle in PSD2 –– is a provision that enables third-party access to the bank accounts of individuals and businesses.

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