PSD2 compliance

The Revised Payment Service Directive (PSD2) or Open Banking was implemented in the UK and European Union on January 13, 2018. PSD2 mandates banks to provide open APIs to Third Party Providers (TPPs), such as Plaid, for accessing data directly. The objectives of PSD2 include contributing to a more integrated and efficient payment market, improving the level playing field for payment service providers, enhancing security, and protecting consumers. TPPs are required to become registered as an Account Information Service Provider (AISP) in order to access data via these integrations. Plaid is a registered AISP since October 2018. Businesses that provide consolidated account information to end users may need their own AISP license, while others might not.