Understanding Payment Instrument Issuer Service Providers (PIISP)
In this third and final article of our series on Open Banking players, we’ll focus on Payment Instrument Issuer Service Providers (PIISP). While PISPs initiate payments and AISPs provide financial insights through aggregated data, PIISPs play a crucial role in ensuring the availability of funds and guaranteeing secure payments. This article will explore the...
Understanding Account Information Service Providers (AISP)
As the financial industry undergoes a transformation driven by Open Banking, new types of players are emerging, offering innovative ways to manage and use financial data. The second article of our series offers a comprehensive overview of Account Information Service Providers (AISP) within the Open Banking ecosystem, detailing their role, operational framework, and the...
Understanding the Key Players in Open Banking: A Focus on PISPs
As Open Banking continues to reshape the financial services industry, it introduces several new players who are pivotal in driving innovation, improving competition, and offering more tailored services to consumers and businesses alike. This article is the first in a three-part series that will explore these new actors, with a focus on PISPs (Payment...
What is Open Banking?
When you first hear the term "Open Banking," it might give the impression that banks were previously "closed." For many, this can sound confusing. However, if you're familiar with IT systems, the concept becomes clearer. In fact, the word "open" in Open Banking should be understood in its technical sense, similar to open architecture...
The future of SEPA – SCT Instant will become a Mandatory scheme – What...
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The Single Euro Payments Area (SEPA) is at the forefront of revolutionizing payment services across Europe. One of the most significant developments in this domain is the transition of the SEPA Instant Credit Transfer (SCT Inst) scheme from optional to mandatory. This article aims to provide a comprehensive understanding of...
Understanding SEPA’s Transition to 2019 ISO 20022 messages : focus on pain.001.001.09
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A significant development on the horizon is SEPA’s transition to the 2019 versions of the ISO 20022 messages, which will come into effect from March 2024. In this blog, we focus on a key element of this transition: the shift to version 9 of the pain.001 message in the customer-to-PSP...
SEPA 2024 Update: Understanding the Transition to ISO 20022 messages
In the ever-evolving landscape of financial services, staying abreast of regulatory and technical changes is not just a necessity but a strategic advantage. One such pivotal change is the transition of SEPA (Single Euro Payments Area) schemes to the 2019 version of the ISO 20022 standard. This shift, effective from March 2024, marks a...
SEPA pacs.008.001.08 message in the ISO 20022 : A Step-by-Step Guide
As we approach March 2024, the SEPA (Single Euro Payments Area) schemes are set to adopt the 2019 versions of the ISO 20022 messages. This transition marks a significant step in ensuring standardized and efficient payment transactions across Europe. In this post, we delve into the specifics of these changes and guide you through...
