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|
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.