Third Party Providers (TPPs)

PSD2: What it is and why it’s important

The revised Payment Services Directive (PSD2) was enacted on 13 January 2018 across Europe and the UK. PSD2 introduced new rights for certain third-party providers (TPPs) to directly access payment service users’ online payment accounts in certain circumstances and requires Account Servicing Payment Service Providers (ASPSPs), to permit access through a dedicated interface built on APIs.

What will you be able to do?

To meet our PSD2 requirements, BVNK will allow Third-Party Providers (TPPs) certain access:

• Account Information Services (AIS): Account Information from BVNK accounts will be able to be shared with other financial institutions, upon the account owner’s consent.
  E.g.: a budgeting application that consolidates account information from multiple banks and financial institutions will be able to import data from BVNK Virtual Accounts.

Read more on AIS on the Open Banking website.

• Payment Initiation Services (PIS): payments to other financial institutions will be able to be initiated directly from other bank accounts, with the owner’s consent.
  E.g.: a payment of a credit card balance can be made from a mobile application and biometric authentication, with the money coming out of a BVNK Virtual Account.

Read more on PIS on the Open Banking website.

Register your interest

If you are interested, please fill in the form below: