What is the meaning of TPPs?
In open banking, TPP stands for Third Party Provider — an FCA-regulated company authorised to access your bank account data or initiate payments on your behalf, with your consent. TPPs include Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs). Under UK open banking rules, all TPPs must be registered on the FCA’s Financial Services Register.
What are the different types of TPPs in open banking?
There are two main types of TPPs: AISPs (Account Information Service Providers), which read your bank data to provide information-based services such as budgeting tools or credit assessments; and PISPs (Payment Initiation Service Providers), which initiate payments from your account on your instruction. Both are types of TPPs and must be separately authorised by the FCA for each activity they carry out.
How do TPPs access my bank account in the UK?
TPPs access bank accounts through open banking APIs, which are standardised interfaces maintained by UK banks under the CMA’s open banking mandate. Your bank is required to provide these APIs to all FCA-registered TPPs. Crucially, TPPs never see your login credentials — access is granted through a secure token-based authentication process aligned with the Payment Services Regulations 2017.
Open Banking in Practice: The TPP framework is central to UK open banking: it ensures that only FCA-regulated companies can access your financial data. Open Banking Ltd has maintained the technical standards for TPP connectivity since 2018. The JROC’s 2023 roadmap sets out how TPP access will evolve as the UK moves toward broader open finance. Read our full explainer on TPPs at openfuture.world.
FAQ
How do I check if a TPP is authorised by the FCA?
Search for the company on the FCA Financial Services Register at register.fca.org.uk to verify its authorisation status.
Can I revoke a TPP’s access to my bank account?
Yes — you can withdraw consent from a TPP at any time, either through the TPP’s app or via your bank’s settings.
Do all UK banks have to work with TPPs?
Yes — the nine largest UK banks are required by the CMA to provide open banking API access to all FCA-authorised TPPs.