What is a Third Party Provider?

Third Party Providers Explained
Photo by Atikh Bana
What is a Third Party Provider under Open Banking?

Under Open Banking and specifically PSD2 a Third Party Provider or TPP for short is a company who is regulated and authorised to provide the following services:

  • Account Information Services
  • Payment Initiation Services

A TPP can be an Account Information Service Provider (AISP) or a Payment Initiation Service Provider (PISP) or both.

Next: How does my company become a AISP or PISP?