Since September 2019 WorldFirst clients with a World Account have been able to link their accounts with authorised third parties, enabling them to share their information with regulated providers with extra ease and security. Open Access gives secure and authorised parties access to payment accounts.
To put it simply, open access allows your data and payments to be securely requested and shared with authorised third parties, e.g. the banks. Open Access enables two essential services in line with the FCA:
- Account Information Service Provider (AISP): permitted to retrieve account data provided by banks and financial institutions
- Payment Initiation Service Provider (PISP): allows you to pay companies directly from your bank account. PISP also initiates payments into or out of a user’s account
Please note this would only take place if you had requested for the authorised third parties to be given access to your accounts.
In line with PSD2, open access encourages innovation in sectors such as FinTech, retail banking, and financial services. Open access therefore improves the competitor landscape by providing integrated services through third party digital platforms to create a more intuitive and personal experience.