Category
Open Banking and Fraud
Terms for regulated data sharing, payment initiation and common payment fraud language.
Open Banking and fraud terminology often appears in news stories, bank warnings, fintech apps and regulatory updates. The words can sound technical, but they usually describe two practical questions: who can access account data with permission, and what happens when a payment is authorised under false pretences.
This category explains Open Banking, Account Information Service Providers, Payment Initiation Service Providers, Variable Recurring Payments and Authorised Push Payment fraud. It avoids presenting Open Banking as a product in itself and separates regulated data sharing from fraud risks that can affect ordinary bank transfer payments.
7 terms
Open Banking and Fraud terms
- Account Information Service Provider AISP Open banking and fraud An Account Information Service Provider is an authorised or registered provider that can access account information with a customer's consent.
- Authorised Push Payment fraud APP fraud Open banking and fraud Authorised Push Payment fraud happens when someone is tricked into authorising a bank transfer to a fraudster or fraud-controlled account.
- Know Your Customer KYC Open banking and fraud Know Your Customer is the identity and due diligence process firms use to understand who a customer is and manage financial crime risk.
- Open Banking Open banking and fraud Open Banking is a regulated way for customers to let authorised third-party providers access account data or initiate payments with consent.
- Payment Initiation Service Provider PISP Open banking and fraud A Payment Initiation Service Provider is an authorised provider that can start a bank payment from a customer's account with consent.
- Variable Recurring Payment VRP Open banking and fraud A Variable Recurring Payment is an Open Banking payment arrangement that can allow repeated account-to-account payments within agreed limits.
- XBRL XBRL Open banking and fraud XBRL is a digital reporting language used to tag business and financial information so it can be read and analysed by software.