| Acronym | Term | Definition | Example |
| AI(S) | Account Information (Services) | Refers to the services (API's) offered by the ASPSP to retrieve account information. This can be balances, transactions or details about name, limits etc. | |
| AISP | Account Information Service Provider | Any (financial) provider that wishes to aggregate online account information of one or more accounts held at one or multiple ASPSPs (banks). This service can be used in accounting or generation of dashboards for a single customer. | |
| API | Application Programming Interface | In computer programming, an application programming interface (API) is a set of subroutine definitions, protocols, and tools for building application software. A good API makes it easier to develop a computer program by providing all the building blocks, which are then put together by the programmer. An API may be for a web-based system, operating system, database system, computer hardware, or software library. An API specification can take many forms, but often includes specifications for routines, data structures, object classes, variables, or remote calls. POSIX, Microsoft Windows API, the C++ Standard Template Library, and Java APIs are examples of different forms of APIs. Documentation for the API is usually provided to facilitate usage. The status of APIs in intellectual property law is controversial. -Wikipedia | |
| ASPSP | Account Servicing Payment Service Providers | Provides and maintains (current, savings and card) accounts, traditionally the core business of a bank. | HSBC, UniCredit, RBS |
| EBA | The European Banking Authority | An independent EU authority that works to ensure effective and consistent prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to safeguard the integrity, efficiency and orderly functioning of the banking sector. | |
| NextGenPSD2 | NextGenPSD2 Access to Account Framework as defined by the Berling Group | About The 'Berlin Group' is a pan-European payments interoperability standards and harmonisation initiative with the primary objective of defining open and common scheme- and processor-independent standards in the interbanking domain between Creditor Bank (Acquirer) and Debtor Bank (Issuer), complementing the work carried out by e.g. the European Payments Council. As such, the Berlin Group has been established as a pure technical standardisation body, focusing on detailed technical and organisational requirements to achieve this primary objective.More details here... | |
| OAuth | Open (standard) authorization | OAuth is an open standard for access delegation, commonly used as a way for Internet users to grant websites or applications access to their information on other websites but without giving them the passwords.[1] This mechanism is used by companies such as Amazon,[2] Google, Facebook, Microsoft and Twitter to permit the users to share information about their accounts with third party applications or websites.-Wikipedia oAuth is used by several steps in the processes between the TPU and the ASPSP for things like Granting the TPP to access Account Information. |
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| PI(S) | Payment Initiation (Services) | Refers to the services (API's) offered by the ASPSP to initiate a new trasnsaction (payment instruction). Most likely these services also have endpoints for authorisation and status updates. | |
| PISP | Payment Initiation Service Provider | Any organization (like a retailer) that can initiate credit transfers on behalf of the client. | Amazon, Bol.com |
| PSD | Payments Systems Directive | The Directive on Payment Services (PSD) provides the legal foundation for the creation of an EU-wide single market for payments. The PSD aims to establish a modern and comprehensive set of rules applicable to all payment services in the European Union. The goal is to make cross-border payments as easy, efficient and secure as ‘national’ payments within a Member State. | |
| PSD1 | Payments Systems Directive 1 | Provides the necessary legal platform for the Single Euro Payments Area (SEPA). | |
| PSD2 | Payments Systems Directive 2 | Provides the necessary legal platform and changes to the payments framework in order to better serve the needs of an effective European payments market, fully contributing to a payments environment which nurtures competition, innovation and security to the benefits of all stakeholders and consumers in particular. | |
| PSU | Payment Service User | The end-user (the real customer) of PSD2 services. | |
| RTS | Regulatory Technical Standards | A detailed set of compliance standards (currently still under discussion) to be met by all parties. Standards cover data security, compensation, accountability, etc. | |
| SCA | Strong Customer Authentication | Defined by the EBA in its RTS on SCA as “an authentication based on the use of two or more elements categorised as knowledge (something only the user knows [for example, a password]), possession (something only the user possesses [for example, a particular cell phone and number]) and inherence (something the user is [or has, for example, a fingerprint or iris pattern]) that are independent, [so] the breach of one does not compromise the others, and is designed in such a way as to protect the confidentiality of the authentication data.†| |
| TPP | Third Party Provider | Third party provider is the collective name for AISPs and PISPs. | n.a. |
| XS2A | Access to Accounts | Access to Accounts enables financial institutions (like banks) and non-financial organizations to obtain access to the bank accounts of European consumers. | n.a. |