Glossary
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| Term or abbreviation | Meaning | Explanation |
|---|---|---|
| AISP | Account Information Service Provider | An AISP aggregates data relating to a PSU's accounts held across one or many different ASPSPs. AISPs must register under PSD2 as Payment Institutions. AISPs belong to the TPP category of PSPs. |
| AIS | Account Information Service | AIS allows third-party providers to access a user's bank account data, such as balances and transaction history, with the account holder's consent, enabling financial insights and aggregation services. |
| API | Application Programming Interface | A set of rules and protocols that allows different software applications to communicate and exchange data seamlessly. |
| ASPSP | Account Servicing Payment Service Providers (e.g. Paysera) | The traditional type of Payment Institution, such as banks, with which a PSU (payment service user) holds one or more accounts from or to which the PSU issues payments. Every ASPSP must register under PSD2 as a Payment Institution. |
| BICFI | Bank Identifier Code of a financial institution | An internationally standardized unique identifier for financial institutions used to facilitate secure and accurate cross-border transactions. |
| FCS | Fund Confirmation Service | FCS allows a Third-Party Provider (TPP) to verify whether a Payment Service User (PSU) has sufficient funds in their account before initiating a transaction. |
| NCA | National Competent Authority | A regulatory body responsible for overseeing and enforcing financial regulations within a specific country, including the licensing and supervision of Payment Service Providers (PSPs) and Third-Party Providers (TPPs). |
| PIS | Payment Initiation Service | A service that enables third-party providers to initiate payments on behalf of a user directly from their bank account, typically under Open Banking regulations. |
| PIIS | Confirmation of Funds Service | It allows a third-party provider (usually a card issuer) to confirm whether sufficient funds are available in a user's account before processing a transaction. |
| PIISP | Payment Instrument Issuing Service Provider | An entity that issues payment instruments (such as debit or credit cards) and can verify a user's account balance through the Confirmation of Funds service. |
| PISP | Payment Initiation Service Provider | Payment Initiation Service Providers are granted permission by a payment service user (PSU) to initiate payments on behalf of that PSU. They do this by establishing a software 'bridge' between the merchant's website and the online banking platform of a payer's bank to initiate payment. The PISP would typically be available as a payment option on a merchant's website. PISPs belong to the TPP category of PSPs. |
| PSD2 | Payment Services Directive 2 | A European regulation for electronic payment services. |
| PSP | Payment Service Provider | A general term for providers that offer online services for accepting electronic payments by various methods, including credit/debit cards and real-time transfers. Traditional PSPs, such as banks and financial institutions, have joined an increasingly large and diverse set of third-party service providers (TPPs). |
| PSU | Payment Service User (a Customer, user) | A Payment Service User is essentially a customer—an individual or a corporate entity—with one or more bank accounts. |
| QWAC | Qualified Website Authentication Certificate | A digital certificate that ensures secure communication between financial institutions by verifying the identity of websites and encrypting data exchanges, as required under PSD2 regulations. |
| SBS | Signing Baskets Service | The Signing Baskets Service (SBS) allows users to sign multiple payment or transaction requests in a single authorization process, streamlining approval workflows in online banking and financial services. |
| SCA | Strong Customer Authentication | A security requirement under PSD2 that mandates multi-factor authentication (e.g., something the user knows, has, or is) to enhance the security of electronic payments and reduce fraud. |
| TPP | Third-Party Provider | An authorized entity that accesses a user's bank account data or initiates payments on their behalf under PSD2, typically offering Account Information Services (AIS) or Payment Initiation Services (PIS). |
| XS2A interface | Access to account interface | An interface provided by an ASPSP to TPP for accessing accounts. |