It’s not unusual for EU Directives to arrive with a whole host of acronyms and terminology, and PSD2 is no exception. From AISP to XS2A there are some new terms, some terms that have a new meaning in this context, and some established payment terms it’s always worth having a reminder about.
When I couldn’t find a glossary to help me understand the terminology, I decided to create one.
Or the 50 PSD2 terms, here are my 3 favorites:
- ASPSP – Account Servicing Payment Service Provider — a tongue-twister to rival Sister Suzie and her shirt-sewing shenanigans! An ASPSP is a Payment Service Provider (PSP) such as a bank or card issuer that provides authorised access to bank account information. For PSD2 they are allowing API access to bank account data for Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs). This makes my top three as I can’t quite work out why they’re not just called them PSPs — by my reckoning all PSPs will have to become ASPSPs!
- EBA — for added confusion, we don’t have one EBA, we have two! There’s the European Banking Authority, an independent EU body that has responsibility for developing the Regulatory Technical Standards and guidelines for PSD2. And then there’s the Euro Banking Association, an industry forum for the European payments industry. Their role is to promote the interests of their members and help them to adapt to PSD2. This makes my top three because this kind of acronym sharing simply shouldn’t be allowed!
- Brexit — Most of us have a general idea of what Brexit means, and it could be argued that nobody has anything more than that now. It’s likely to be fairly irrelevant to PSD2. It makes the top three here, because the effect of Brexit always seems to be the first question asked at any PSD2 conference, webinar or seminar.
Those are my top 3 (or really top 4, given the 2 EBAs, but there are another 47 terms to learn about in our full PSD2 glossary. If you think there are some PSD2 terms missing from our glossary, leave a comment below.