In the UK, the FCA (Financial Conduct Authority) regulates which companies can access and utilize open banking data. In the US, this role is taken on by the Consumer Financial Protection Bureau (CFPB).
Approved organizations are referred to as third-party providers (TPPs), which include both AISPs and PISPs. The key distinction between these TPPs is how they can use the data obtained from open banking.
PISPS (Payment Initiation Service Providers), provide payment invitation services. This means they can not only access and gather financial data from bank accounts but also initiate payments from those accounts. Of course, this is only possible with the customer’s consent.