Open banking and fraud
What is an Account Information Service Provider?
Acronym: AISP
Quick definition: An Account Information Service Provider is an authorised or registered provider that can access account information with a customer's consent.
At a glance
- AISP stands for Account Information Service Provider.
- It can access account data, not move money by itself.
- It may power budgeting, affordability or account dashboard services.
- Customer consent and provider permissions define what data can be accessed.
Explain it simply
An Account Information Service Provider, or AISP, can look at certain bank account information only when the customer agrees. A budgeting app might use an AISP service to show spending from different accounts in one place. The AISP should not be able to make payments just because it can see account information. You should check what data the service asks for, why it needs it and how to stop sharing if you change your mind.
Student explanation
An AISP is a type of third-party provider in Open Banking. Its role is to access account information, such as balances and transaction history, with customer consent. It may use this data to provide financial dashboards, spending insights, lending affordability evidence or accounting tools. Students should separate an AISP from a Payment Initiation Service Provider, which initiates payments. The difference matters because data access and payment authority create different risks, permissions and customer expectations.
Professional explanation
An Account Information Service Provider provides account information services by accessing payment account data from account servicing payment service providers with the payment service user's explicit consent. AISPs may be authorised or registered depending on their regulatory status and activities. Operational requirements include consent capture, secure API access, data minimisation, re-authentication, incident management, customer support, privacy notices and withdrawal mechanisms. An AISP can process account data but does not, by virtue of that role, initiate payments. It should be distinguished from PISPs, credit reference agencies and unregulated screen scraping services.
UK example
A mortgage broker uses an Open Banking affordability tool operated by an AISP after the applicant agrees to share recent account transactions.
Why it matters
Knowing what an AISP can and cannot do helps customers judge data sharing requests and understand Open Banking permissions.
Common misunderstanding
An AISP's permission to view account information does not automatically include permission to move money from the account.