Compello explains industry relevant words and techniques, as typical buzzwords

AISP (Account Information Service Provider)

 

What is AISP?

An AISP is a market player using a customer’s account information to build new advisory and information services for customers. An AISP has no agreements with your bank, but as a customer you can give AISP full access to all your account information, regardless of how many bank accounts you have.

 

Possibilities of using an AISP:

The information the AISP can access can be used to a lot of different things, for example, the AISP collects all your transactions, regardless of bank, at a place so it becomes far more transparent to you as a customer. The information can also be used to provide you with advice on other ways of using your funds.

 

Advantages of using an AISP:

There are several benefits to AISP, for example, picture yourself applying for a new loan, and having to wait up to six weeks for an answer since the bank needs time to check your creditworthiness. With an AISP, the bank where you apply for the loan can retrieve your entire transaction history in one view, analyze your earnings and expenses and give an answer far more quickly. In this way loan applications are simplified and speeded up.

The same goes for chain stores. By using an AISP, they can analyze your purchasing patterns in more detail than before and design a model that enables them to more easily drive marketing directly to you.

 

AISP and Compello

Compello are always looking for new collaborators and solutions that can simplify the lives of our customers and partners. We are therefore open to hearing from, for example, start-ups. An example of such cooperation is already underway with our partner Minvoice – a new Norwegian start-up that works to further simplify the invoicing process.

 

 

Relevant terms to AISP: PSD2, Minvoice, PISP, Open Banking

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