Dated on Feb 4th, 2019, Banco de España has informed us on its permission for registration in the Special Registry as Account Information Service Provider (AISP). Thus, we are the first spanish company to receive this Certification from the national regulator.
The figure of the Account Information Service Provider (AISP) is initially regulated by the second European payments directive, better known as PSD2. This directive was issued in January 2016 and transposed to the spanish legislation through the Royal Decree-Law 19/2018, on Nov 23rd, 2018, of payment services and other urgent financial measures.
PSD2 aims to encourage competitiveness and transparency in financial services by increasing the protection of European consumers. PSD2 indicates how financial institutions must open access to duly licensed third parties to the payment accounts of their clients when they have their explicit consent. PSD2 represents a great novelty from the normative point of view: the legal recognition of two new figures in payment services space that become activities supervised by the regulatory body, in this case, Banco de España. These figures are the following:
In the words of our President and CEO Arturo González MacDowell, who is also founder of Eurobits Technologies, “we are pioneers in the provision of information services on accounts and initiation of payments in the European Union, services that we have been providing for more than 15 years. The granting of this permission entails the recognition of our commitment to safety and a guarantee for the trust placed by our clients”.
With this Certificate from Banco de España, we receive the homologation of the security standards at a technical level, as well as the procedures and the processing of information. This also certifies the strict compliance of all the technical and operational security requirements to access to the information of the bank accounts and personal data of users, for its clients, taking into account that the company is in a position to ensure compliance with current legislation, at all times, with the guarantee of Banco de España, as well as privacy and fraud prevention (we do not store the information collected from bank users). To this end, it makes use of the strictest security controls, which are audited by the clients themselves, such as banking and the regulatory system.
Additionally, this recognition entails an additional guarantee for our clients, as well as for the users of the service, since this activity is supervised and inspected by Banco de España. Supervision that is added to the periodic audits performed on the service, both by Eurobits and by its clients. In addition, this recognition is an additional guarantee for Eurobits clients, as well as for the service users.
It was not strictly necessary for Banco de España to obtain the AISP Certificate until 14th September 2019, since Eurobits is exempt from these types of services due to its nature as a historical provider.
The most direct consequence of PSD2 is already evident in the market, with a strong innovation in products and services offered by banks and fintechs, in clear cooperation or competition depending on the case. Some remarkable examples are the following:
Applications to improve personal and business finances, offering the users tips to reduce costs and save more money.
Alerts and notifications of upcoming maturities of bills with direct debit orders advising rates from different providers.
Comparison of personal expenses with the average expenditure of other clients who live in the same area and/or who have contracted the same provider.
Access to an immediate credit in an e-commerce through a Credit Scoring online.
Reduction of online fraud through reinforced user identification mechanisms
As a result of this new scenario, consumers benefit from a better offer and greater transparency. Even more so with the imminent appearance of the financial Sandbox, which will facilitate even more this collaboration between different actors allowing us to compete in the best possible conditions in an international level.
From Eurobits we are prepared to help all companies that want to benefit from the great opportunities offered by the open banking. As we recently said in an article in our Blog: This is the moment.