Account information service (AIS) only

Under PSD2 an ‘account information service’ is an online service which provides consolidated information on payment accounts held by a payment service user with payment service providers.

These services already exist in the UK, however, PSD2 will bring them within the scope of regulation. This will ensure that account information service providers (AISPs) can receive access to payment accounts, whilst also placing requirements on them to ensure security for users.

If you have any questions, you can contact us.

Answer the following questions to understand more about what you need to do to meet new PSD2 requirements:

Have you been undertaking these activities in the UK since before 12 January 2016?

1. You should consider whether transitional provisions for certain businesses providing AIS may apply to you – see Chapter 3 in our Approach Document. If they do, you may be able to continue to provide AIS without registration until the date which is 18 months after the European Banking Authority (EBA) Regulatory Technical Standards on strong customer authentication and secure communication under PSD2 come into force. However, during this time you will not benefit from the rights of access set out in PSD2.

2. If the transitional provisions do not apply to you then you will need to apply to become a registered account information service provider (RAISP). Applications can be made from 13 October 2017, and you must be registered to carry out business from 13 January 2018.

3. Once you are registered you will need to comply with a number of requirements. A number of sections of the Approach Document are relevant to RAISPs – those which relate to particular requirements for those providing AIS are in Chapter 17 in our Approach Document.

1. You will need to apply to become a registered account information service provider (RAISP) from 13 October 2017 and must be registered to carry out business from 13 January 2018.

2. Once you are registered you will need to comply with a number of requirements. You can find guidance in our Approach Document. A number of sections of the Approach Document are relevant to RAISPs – those which relate to particular requirements for those providing AIS are in Chapter 17 in our Approach Document.

Do you intend to undertake AIS or PIS activities in another European Economic Area (EEA) country (or use an agent with activities abroad)?

1. You will need to be registered to provide AIS (as a RAISP) in order to passport this service.

2. The PSD2 passporting gateway will open on 13 December 2017. Notifications can be made via Connect from 2 January 2018.

3. PSD2 introduces important changes to the passporting process and to the procedure to appoint agents; following these changes it may take firms up to three months from the date they submit a complete notification, before they can start passporting or trading through an agent (Chapter 6 in our Approach Document).

4. If you are unsure about the territories in which you will be considered to be providing AIS, you should seek your own legal advice.

1. You should note that if you do passport, PSD2 introduces important changes to the passporting process and to the procedure to appoint agents. The new process is set out in full in the PSRs 2017 and we have provided guidance in our Approach Document. Importantly, it may now take firms up to three months from the date they submit a complete notification of their intention to provide services in another EEA country, before they can start passporting (including through an agent).

2. If you are unsure about the territories in which you will be considered to be providing AIS, you should seek your own legal advice.