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22 September 2017 Supervision

Question:

What is an account information service?

Answer:

An account information service is an online service for providing consolidated information on one or more payment accounts held by a payment service user with one or more other payment service providers. 

Explanation

Providing consolidated online information to payment service users means they can obtain an overview of their financial situation. Account information service providers can categorise expenditure, which also offers users a better insight into their spending patterns.

A licence is required1 in order to provide account information services (as referred to under point (8) of Annex I to PSD2). There is a lighter licensing regime for account information services as these providers do not at any time hold funds, and are not therefore subject to particular prudential requirements.

With the consent of the user, the account information service provider has access to the current accounts of the account servicing payment service provider. This can be a bank, but also a payment institution that offers the services under points (1) and (2) of Annex I to PSD2.

1 In order not to be in violation of the prohibition on operating as a payment service provider without holding a licence as referred to in Article 2:3a of the Wft.