What are AIS / PIS / PSU / PSP / PSD2?

AIS

AIS stands for Account Information Services. An account information service is which allows a PSU to get through a TPP, an aggregated view of their bank accounts, have access to personal financial management tools, or utilise their banking transaction history as an avenue for getting a loan, or credit history. 

PIS

PIS stands for Payment Initiation Services. It is performed by a Payment Initiation Service Provider (“PISP”) who can, with the consent of the end-user, initiate a payment on their behalf between multiple accounts the end-user holds. 

PSU

A PSU stands for Payment Services User; simply, it is another word for consumer or end user. 

PSP

A PSP is a Payment Service Provider who provides an online service for accepting electronic payments to businesses, merchants and utility companies, amongst others. These payments can be through a number of methods e.g. credit cards, direct debits, real-time bank transfers, cash payments, wallets and prepaid cards.

PSPs include banks and other payment institutions. 

PSD2

The Second Payment Services Directive (“PSD2”) widened the scope of PSD1. The European Commission felt that PSD1 needed modernising to take into account the new types of payment services that were coming onto the market and as such introduced PSD2, which has now been operational in the UK and the European Union (“EU”) since 13 January 2018.