Open banking

Roles that need it

• Product Owner (Banking)
• Payments Partnerships Manager (Acquiring & Gateways)
• Cash Management Product Manager
• Regulatory Change Analyst
• Data Protection Specialist

Skills it belongs to

• Payments and cards products (schemes, chargebacks, PSD2, open banking)
• API design and integration

Related concepts

• Account information service (AIS)An account information service (AIS) is an online service that gives a user consolidated information on payment accounts held with other providers, such as balances and transactions for budgeting or credit checks. Under PSD2 the provider (AISP) must be registered, hold professional indemnity insurance and reach accounts through the bank's dedicated interface.
• Payment initiation service (PIS)A payment initiation service (PIS) initiates a payment order, at the user's request, from a payment account held with another provider, for example a checkout button that starts a credit transfer from the shopper's bank account. Under PSD2 the provider (PISP) needs authorisation, and the bank must treat its orders like those the customer sends directly.
• PSD2 (Second Payment Services Directive)The second Payment Services Directive, Directive (EU) 2015/2366 (PSD2), is the EU law on payment services and their providers, applicable since January 2018. It sets authorisation, transparency, execution time and liability rules, created regulated payment initiation and account information services, and required strong customer authentication. PSD3 and the PSR will replace it.
• SEPA Payment Account Access (SPAA)SEPA Payment Account Access (SPAA) is a European Payments Council scheme for premium access to payment accounts beyond what PSD2 requires, on commercial terms between account holding banks and third parties. It sets common rules, API standards and business conditions for services such as extended data sharing and payment initiation with added features.

Sources

• Directive (EU) 2015/2366 on payment services in the internal market (PSD2), EUR-Lex (external site) accessed 31 Oct 2026
• Commission Delegated Regulation (EU) 2018/389 on strong customer authentication and common and secure communication, EUR-Lex (external site) accessed 31 Oct 2026
• SEPA Payment Account Access (SPAA) scheme rulebook, European Payments Council (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.