The Second Payment Services Directive (PSD2) is an EU Directive that forms part of UK law through the Payment Services Regulations 2017. It mandates requirements for businesses that provide payment services. Two key changes resulting from PSD2 are the introduction of Account Information Service Providers (AISPs) and of Payment Initiation Services Providers (PISPs).
What are AISPs and PISPs?
Account Information Service Providers (AISPs) and Payment Initiation Services Providers (PISPs) have been introduced by the Second Payment Services Directive (PSD2). An AISP aggregates information – such as balances you hold with various financial institutions and transaction data – and presents it to you in one place. A PISP is able to execute payments on your behalf with financial institutions you have an existing relationship with.
However, given that we do not hold any of your money in an account when you use Travelex Wire, neither AISPs nor PISPs can be used with Travelex Wire.