Regulators manage third-party access to banking infrastructure through structured frameworks, such as the European Union’s Payment Services Directives (PSD2 and PSD3).
Deconstructing Open Banking Services
These frameworks split third-party access into two distinct, regulated service models:
[Open Banking Service Models]
  |- Account Information Services (AISP) --> Collects and consolidates user account data from multiple banks
  |- Payment Initiation Services (PISP) ---> Initiates transactions directly from a consumer's bank account

The evolution from PSD2 to PSD3 strengthens consumer data protection rules, mandates APIs to reduce system latency, and establishes clear performance metrics to prevent traditional banks from blocking third-party fintech integrations.
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