A TSP plays a pivotal role within the AA ecosystem by delivering essential services to various entities. Operating as the sole unregulated entity in the AA-enabled data sharing process, a TSP’s responsibilities encompass:
Implementation of AA Data Standards APIs: TSPs are instrumental in implementing AA data standards APIs that establish connections between Financial Information Users (FIU), Account Aggregator (AA), Financial Information Providers (FIP), and individual businesses. This facilitation enables seamless data exchange, including the initiation of data requests, consent management, and secure receipt of encrypted data.
Analytics Engines: TSPs contribute significantly to the AA ecosystem by deploying analytics engines. These engines assist FIUs in comprehending raw data, ultimately generating valuable insights. These insights, in turn, support decision-making processes related to the disbursement of products or services. The analytical capabilities of TSPs enhance the overall effectiveness of the AA ecosystem.
Development of User Interface (UI): TSPs are responsible for crafting user interfaces that adhere to regulated consent artifacts, industry best practices, and guidelines. TSPs contribute to a seamless and secure customer experience by ensuring alignment with these standards. The UI development encompasses creating interfaces for individuals and businesses, ensuring that interactions comply with regulatory requirements and provide a user-friendly experience.