AISP stands for Account Information Services Provider.
What does this mean in simple terms?
Basically, if as a financial service provider, you want to use Open Banking APIs, you have to be registered as either an AISP or a PISP (Payment Initiation Service Provider) with the FCA.
This means that you are authorised through the second Payment Services Directive (PSD2).
What can AISP’s do?
If you have used any price comparison websites, money management tools, financial products or loan or mortgage application simplifying tools, chances are, an AISP has utilised Open Banking to provide a service to you.
Being an authorised AISP allows businesses to ask permission to connect to a bank account and use that bank account information to provide a specific service, as long as the account holder has explicitly expressed consent. Don’t worry though, AISPs can only read bank account information, they can’t edit anything or touch your money.
How does a business become an AISP?
Businesses or financial institutions that want to become an AISP need to undergo a rigorous application process with the FCA. This audit process includes a review of how managers conduct themselves, the governance and risk management controls in place, security incident controls and financial stability measures.
OneID is a registered AISP with the FCA.
What does this mean for us? It means that we can prove your identity, verify your age when you are buying age-restricted goods and help fill in your information when registering or signing into a service.
After you give consent, we can connect to your bank and use the existing information your bank holds about you such as your name, date of birth, address and so on, when you need to prove who you are online.