Don't know your ASPSP from your elbow?... find out more below!
Open Banking uses various acronyms, the following provides a summary of the principal terms used:
| Term | Description |
| AISP | An Account Information Service Provider. A TPP providing AISP services can provide Access to account balances for example. Nuapay does not currently offer AISP services. |
| ASPSP | Account Servicing Payment Service Provider. The Bank or Payment Institution. |
| Berlin Group | A pan-European payments interoperability standards and harmonisation initiative responsible for the development of the NextGenPSD2 Access to Account (XS2A) Framework API specification. EUR payments are processed through this scheme or through the STET specification. |
| CMA | Competition and Markets Authority - agency responsible for the rollout of Open Banking in the UK |
| OBIE | The UK Open Banking Implementation Entity is an organization set up by the UK’s Competition and Markets Authority to design and manage the specifications for the Application Program Interfaces (APIs) that banks and building societies use to securely provide Open Banking services to TPPs. The OBIE manage the Open Banking Directory, produce guidelines and act as an arbiter managing disputes/complaints. All payments in GBP are made under the OBIE specification (and EUR payments in Ireland). |
| PISP | A Payment Initiation Service Provider. Nuapay acting as a TPP provides Payment Initiation Services. |
| PSD2 | The Payment Services Directive 2 (Directive (EU) 2015/2366), commonly referred to as PSD2 is the EU directive that compelled ASPSPs (typically high-street banks) to makes its customers’ data available for Third Party Providers (TPPs like Nuapay) to allow them to provide Account Initiation and Payment Initiation services. |
| PSU | Payments Service User. This is the user of a payment service and generally refers to the payer. |
| STET | A French payments organization that drafted an Open Banking specification that stakeholders (ASPSPs and TPPs) in France must adhere to when implementing their PSD2 Access-to-accounts solutions. EUR payments are processed through this scheme or through the Berlin Group specification. |
| TPP | Third Party Providers / Trusted Third Parties A party other than an ASPSP that provides payment related services. Nuapay is a TPP. |