What is AISP?
AISP (Account Information Service Provider) is one of two new roles in the payment value chain, that came as a result of the PSD2 (Revised Payment Services Directive). The other is PISP (Payment Initiation Service Provider). The new directive came in 2018 and applies to Europe.
Suppliers use customer data to build financial advisory and informational services.
AISP can receive bank account information, but only with your explicit consent. It is the customer, not the bank, that can provide this consent. It cannot instigate payments or move money, unlike the PISP, only access and transfer data.
Why use an AISP?
The information a AISP can access can be used to different things. An AISP can gather all financial information in one place, regardless of how many bank accounts you have. A user gets an easy and understandable overview of their finances like loans, credits or spending. This makes it far more transparent for a user, the data can also be used to provide you with financial advice on how to best use your funds.
When applying for a loan, the process can be extensive in data collection and it can take several months to hear back from the bank whether you are creditworthy or not. With an AISP a bank can retrieve your entire transaction history. This gives the bank far more data to analyze. Looking at your earnings and expenses over time makes it easier to give a quick and more accurate answer. In this way applying for a loan is simpler and quicker for both customer and bank.
The same goes for chain stores. By using an AISP, they can analyze your purchasing patterns in more detail than ever before. Information can be used to tailor customer service, marketing and how to follow up each individual customer. Which hopefully can drive sales and customer loyalty.
How does an AISP work with Compello?
Compello are always looking for new corporations and solutions that can simplify the lives of our customers and partners. We use an AISP through our partner Bill Kill, a Norwegian startup, that works to further simplify the invoicing process.