What new types of new payment actors do PSD2 regulate?

22 Mar 2022 By PAYCEC

PSD2 regulates and harmonizes two types of services that were already in use when the first PSD was implemented in 2007, but have grown in popularity in recent years: Payment Initiation Services (PIS) on the one hand, and Account Information Services (AIS) on the other.

  • Account Information Services (AIS) are the acquisition and storing of data from a customer's various bank accounts in a single location, allowing users to get a comprehensive overview of their financial condition and readily analyze their spending and financial demands.
  • Payment Initiation Services (PIS) is the use of online banking to make payments. These services assist in initiating a payment from a consumer's account to a merchant's account by providing an interface to connect the two accounts, filling in the necessary information for a bank transfer (transaction amount, account number, message), and notifying the store of the transaction. PSD2 also enables customers to pay a third party through a bank's app using any of their accounts (whether they belong to this entity or not).

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