FCA registration and how Plaid can help

The revised Payment Services Directive (PSD2) in the UK and Europe has opened up the banking industry to new players, promoting the development of Account Information Services (AIS). Companies must be registered or authorized by the Financial Conduct Authority (FCA) to benefit from PSD2's open access measures. An alternative, known as the Agency Model, allows companies to become agents of Plaid and provide AIS while satisfying legal and regulatory obligations. The agency model is a quicker and more cost-effective route for certain companies in the short term compared to applying for registration or authorization with the FCA.