Account Information Service (AIS) - an online service consisting in providing consolidated information on at least one payment account held by a given payment service user with another payment service provider or at more than one payment service provider, defined in art.

Payment Initiation Service (PIS) - a service consisting in initiating a payment order at the request of a payment service user in relation to a payment account held with another payment service provider, defined in art.

The PSD2 Directive, the act amending the act on payment services and related acts (including the delegated regulation supplementing Directive 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards regarding strong client authentication and common and secure open communication standards ) introduce a number of new services, definitions and obligations for market participants. The legal act that sanctions the functioning of open banking is amended Directive of the European Parliament and of the Council (EU) 2015/2366 of 25 November 2015 on payment services within the internal market, i.e. The existence of open banking is conditioned by the law, what's more, in the European Union it is the regulations that seem to be the main catalyst for its development. He says it is naГЇve of regulators to expect consumers to own their data and be able to get better deals from banks, and points out the danger of consumers being exploited, either by businesses offering new types of expensive payday loans, or misuse of data and personal information that people have revealed in places such as social media. He says that open banking is 'a daft idea', which will lead to more financial exclusion for those on low incomes. Mick McAteer of the UK's Financial Inclusion Centre, thinks that only the tech-savvy will benefit. Support for the concept is not unanimous. The new rules included aims to promote the development and use of innovative online and mobile payments through open banking. In October 2015, the European Parliament adopted a revised Payment Services Directive, known as PSD2.

1.1.2.2 The Berlin Group openFinance API Framework.

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