‘PISP’ stands for Payment Initiation Service Provider. PISPs allow payments to be initiated directly from an End-user’s bank account instead of using a credit or debit card.
‘AISP’ stands for Account Information Service Provider. Being an authorised AISP means that a business can ask for permission to connect to an End-user’s bank account and use that bank account information to provide a service.
These terms (PISP and AISP) are often used interchangeably with the term Third Party Provider (TPP). A TPP is a company which uses APIs to access End-user’s accounts, in order to provide account information services and/or to initiate payments. TPPs are either/both PISPs and/or AISPs.
Depending on the jurisdiction in question and the regulatory framework in place, Lean may be considered a TPP or a Technical Service Provider (TSP). TSPs are companies that work with regulated providers to deliver open banking products and services.
Lean in its role as a TSP provides fintechs with a unified gateway that allows TPPs (our clients) to make one technical integration and get access to all pre-connected banks.