Banks have to provide third-party service providers technical access to the payment accounts of their customers. Third-party service providers mean other banks or FinTechs or miscellaneous payment providers, who must all be registered with a European supervisory authority. Important: This access is only granted if the customer expressly informs the bank of their consent and/or this permission is requested afresh each time. As a customer, you have full control and can withdraw your approval for online banking at any time.
Details of third parties:
- Banks have to provide officially registered third-party providers, such as FinTechs or other banks, access through a secure interface to their customers’ account information, plus the ability to trigger payments via third-party providers.
- Account Information Service Providers (AISPs) receive account information such as account balance and turnover after your electronic approval through your bank.
- Payment Initiation Service Providers (PISPs) can trigger payment orders after your electronic authorisation through your bank. This means that they are sent to the bank for execution.
- Payment Instrument Issuer Service Providers (PIISs) may request the availability of a cash amount after electronic approval through your bank.