iBanFirst has held both Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) licenses since 2018.
As a result, iBanFirst users can synchronize their bank accounts to the iBanFirst platform to get a 360° view of their company bank accounts, regardless of their bank and currency.
Go to Accounts > Add a new new account > Connect a bank account. You will then be able to select your bank and account type and will be asked to enter your online banking credentials. Your credentials are encrypted and are not stored by iBanFirst. Once authenticated, you will be able to select the bank accounts that you want synchronize.
Synchronized bank accounts, along with their balances, are visible on the Accounts screen, below the iBanFirst accounts. Click on a bank account to view the corresponding transactions.
Synchronized bank account details, including balances and transactions, are not visible to iBanFirst employees, for privacy and security reasons.
Learning more about AISP and PISP
European regulation PSD2 (for Payment Service Directive No. 2) requires banks to open payment account information as well as payment initiation to authorised third parties offering services to consenting bank clients.
Authorised third parties are of two sorts:
· Account Information Service Providers (AISPs) have a read-only access of bank account information.
· Payment Initiation Service Providers (PISPs) can ask for permission to connect to a bank account and initiate payments on the customer’s behalf, from their bank account.