What is Open Banking?

Payment Initiation Services (PIS)

A Payment Initiation Service (PIS) allows merchants and service providers to initiate payments directly from a customer's bank account, bypassing traditional payment gateways and card networks. By leveraging PIS, businesses can offer a seamless, secure, and cost-effective way for customers to make payments.

This means that through Yaspa's pay-in and payout solutions, you can easily integrate payments into your platform. The PIS system initiates a payment on behalf of the user, authorising the transaction through their bank, without needing to store or manage sensitive payment card data.

Customer Financial Health Checks

Customer financial health check leverages open banking to assess a user’s financial health by analysing their income, spending habits, and transaction patterns, all with their explicit consent. This service provides businesses with a financial health score based on specified metrics, offering actionable insights into the customer’s financial stability.

For industries like gambling, this service can identify potential problem gambling behaviours by highlighting irregularities such as disproportionate spending or high-frequency deposits. These checks enable businesses to foster responsible practices while offering tailored, data-driven solutions securely and efficiently.

Account Information Service

Account Information Service (AIS) allows third-party providers to access and aggregate a user’s bank account information, with the user's consent. This service enables businesses to offer value-added features like financial insights, transaction history, and account balances directly within their application.

AIS offers the ability to pull financial data in real time, giving you the tools to build smarter, more personalised experiences. Whether you're offering budgeting tools, payment tracking, or credit scoring, AIS allows you to retrieve and display a user's bank account information securely and efficiently.

This can be linked with PIS to pass across relevant details or do customer financial health checks.