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.
Under PSD2, a ‘payment initiation service’ is an online service which accesses a user’s payment account to initiate the transfer of funds on their behalf with the user’s consent and authentication. Payment initiation services provide an alternative to paying online using a credit card or debit card. These services are not widely used for online payments in the UK, but are used in other European countries. The new rules will bring payment initiation services within the scope of regulation. This will ensure that payment initiation service providers (PISPs) receive access to payment accounts, whilst also placing requirements on them to ensure security for users.
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Answer the following questions to understand more about what you need to do to meet new PSD2 requirements: