A consumer accesses the licensed or accredited third party application and provides consent to the third party to access consumer data or make a payment submission request. Third parties in Open Banking can be defined as authorized institutions that provide value-added services on top of the consumer’s regular banking needs, such as accounts information (balance check, recent transactions, statements) and payments (payment to merchants, people and registered payees). This approach enables use cases such as spend analysis, credit decisioning, payments for ecommerce transactions, and more. A Trust Service Provider (TSP) is a trusted entity authorized by a supervisory government body to verify the authenticity of banks and third parties, and issue digital certificates to third parties. A bank's IT environment, comprised of its AWS environment and data centers. © 2021, Amazon Web Services, Inc. or its affiliates. All rights reserved.Open Banking on AWS Use Amazon Web Services to open APIs for third parties and help you implement Open Banking regulations. 5 1 2 6 3 4 Reviewed for technical accuracy September 7, 2021 © 2021, Amazon Web Services, Inc. or its affiliates. All rights reserved. 8 7 AWS Reference Architecture Description (Part 1 of 2)
