How does it work?

Open Banking allows you to give consent to TPPs to securely access your financial information. There are 3 types of TPP companies.

• AISP – Account Information Service Provider – by sharing your account data (such as account balance or recent transactions) with an AISP you will be able to see all your accounts with different banks in one place. This will make it easier for you to view, plan and manage your money.
• PISP – Payment Initiation Service Provider – through a PISP you will be allowed to pay people and companies directly from your bank account, without needing your bank card.
• CISP – Card Issuing Service Provider – which is an entity that provides payment cards that allows you to confirm the availability of funds to execute a card-based payment without possessing your accounts.

What does this mean for me?

This means that by consenting the Bank to share specific data with a TPP (AISP, PISP or CISP) you will be able to:

• View different bank accounts with different banks in one place
• Manage your money easily and compare accounts
• Pay directly from your bank account without the need of your bank card

Stay protected

With Open Banking, you will never be asked to share your myAPS log in details or secure code. Before consenting to share your account data with a TPP ensure this service provider is regulated by a European National Competent Authority and authorised by the MFSA.

It’s your choice

Your account information is yours and Open Banking will put you in control of it. Whenever you do share data with a TPP, it will only be the data you have chosen to share and the consent can be withdrawn anytime through myAPS. Prior to sharing your data with a TPP, make sure you understand what data you are sharing and how this will be used.

Finally, it is entirely up to you whether you would like to use the new Open Banking services or not.