Nowadays, the primary means that customers use to access their bank accounts is through their channels and products. But with the new European PSD2 regulation, things will change and we will see two new entities emerge: PISPs and AISP.
We begin with PISPs (Payment Initiation Service Providers): they will enable third-party companies to make a payment on behalf of consumers, obviously with their authorisation, without them needing to visit the bank’s online portal. The benefit? Thanks to PISPs, consumers will have much more flexibility when they need to make a payment.
On the other hand, AISPs (Account Information Service Providers) will enable third-party companies to access consumer banks and obtain information about their accounts. What benefits will the AISP provide? They could for example enable consumers to have all of the information about different accounts on a single platform, thus obtaining a general panorama of their financial situation.
With the introduction of these new figures, banks will need to provide their APIs (Application Programming Interface) to the third-party companies that request it. We have seen how PISPs and AISPs will considerably improve the user experience for consumers. At this point, we move on to another factor, closely linked to AISPs: Big Data platforms.
Aside from the benefit for consumers to be able to access all of the information about their accounts on a single platform, AISPs may use this data for purposes consistent with the nature of the service offered (always with authorisation obtained with the consent of the data subject). Are you wondering why this aspect is important? It is fundamental, because it integrates with the Big Data platforms of the banking and Fintech world. The process of creating new services and products inevitably includes Big Data platforms to study the various behaviours, tastes and requirements of every customer. These data are then compared with those obtained thanks to AISPs to further personalise offers and enable them to meet the needs of every consumer.
Discover all of the innovations introduced with the PSD2 regulation in our correlated article: What is PSD2: a step forward towards open banking.
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