Don't know your ASPSP from your elbow?... find out more below!
Open Banking uses various accronyms, the following provides a summary of the principal terms used:
|AISP||Account Information Service Provider. Provide Access to account balances for example.|
|ASPSP||Account Servicing Payment Service Provider. The Bank or Payment Institution.|
|CMA||Competition and Markets Authority - agency responsible for the rollout of Open Banking in the UK|
|PISP||Payment Initiation Service Provider. Nuapay acting as a TPP provides Payment Initiation Services.|
|PSU||Payments Service User. This is the user of a payment service and generally refers to the payer.|
|TPP||Third Party Providers / Trusted Third Parties A party other than an ASPSP that provides payment related services. Nuapay is a TPP|