What is an Account Servicing Payment Service Provider (ASPSP)?
Open banking couldn’t exist without ASPSPs. Find out why they’re so important to financial innovation in the UK and Europe.
Account Servicing Payment Service Providers (ASPSP) are fundamental to open banking as we know it. Encompassing banks, building societies and payments companies, ASPSPs provide and maintain financial accounts for their customers. Using technology called application programming interfaces (APIs), registered third parties like TrueLayer can connect to an ASPSP’s accounts to provide open banking services.So what do you need to know about ASPSPs? Does every bank fall into this category? And how do they differ from other open banking providers? Here are a few crucial facts about ASPSPs and open banking.