PSD2: Account Aggregators Still Struggling With UK Licensing Regime

A legal quirk in the UK’s open banking legislation is creating problems for account information service providers (AISPs), which are being forced to find licensing workarounds despite years operating as some of the biggest players in the sector.

In its transposition of the revised Payment Services Directive (PSD2), the UK added a qualification not present in the European text that account information services are in scope if provided “only to the payment service user” that holds the account itself.

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