AISP vs PISP - what's the difference?
Open Banking currently offers two basic ways for you as a merchant to interact with your clients’ bank accounts. You can act as a PISP or as an AISP. In some cases, and if your business requires it, you can act as both AISP and PISP.
|PISPs||Payment Initiation Service Providers|
|AISPs||Account Initiation Service Providers|
Note: Nuapay currently only offers PISP services but AISP support is coming soon. As an initial step we will soon be rolling out support for AISP-based E-Mandate signup (in Q2 2022).
When acting as a PISP, merchants can request clients to make payments via Open Banking.
For end users they:
- Select Open Banking as the payment method on your payment page.
- Select the bank where their account is held.
- Are redirected to this bank’s online banking service.
- Verify themselves by providing their online banking credentials (as they would normally do when logging on to their online banking system).
- Select an account from which the payment will be taken (where the customer has more than one account with the bank).
- Confirm the payment amount.
- Are then redirected to the merchant page.
Note: Whatever the standard verification and secure customer authentication methods that are normally used to access the customer’s online banking portal are applied in the PISP payment flow. Users can feel secure that they are fully in control and are not providing any sensitive details with a third party that is unknown to them.