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.
Open bankingOpen banking is the secure sharing of payment account data, and the initiation of payments, by authorised third-party providers with the customer's consent, through bank interfaces that are usually APIs. In the EU it stems from PSD2, and in the UK from a 2017 competition order. Its extension to savings, investments and pensions is called open finance.
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.
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.
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.
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.
API (application programming interface)An API is a defined set of rules that lets one software system request data or services from another, for example a payment initiation or an account balance query. In finance, APIs support open banking under PSD2, system integration and real-time data exchange.