With PSD2, customers can consent to the bank holding their payment account to share their bank details with other banks or payment service providers (TPP - Third Party Providers). TPP are duly registered, licensed and regulated entities at European Union level that with prior consent from customers can access their bank details.
Banks and TPP can now, through the customer's prior consent, access bank data of other entities and provide the following services:
- AIS - Account information service - Allows the customer to check the balance and transaction history
- PIS - Payment Initiation Service - Allows the customer to initiate transfer or payment operations
- Fund availability confirmation service - Check in real time if there is a balance to start a specific operation