CRIF owned Strands, a Spain-based fintech that specializes in advanced digital banking solutions, announced on Tuesday it has been granted an AISP license as it prepares to expand its PSD2 services offering. According to Strands, an AISP is a payment institution which, under the revised Payment Services Directive (PSD2), can access payment accounts of different banks (and other payment service providers), under the consent of the account holder.
The license comes just a few months after Strands’ acquisition by credit bureau and business information company CRIF. In 2018, CRIF became the first credit bureau to be registered as AISP in 21 European countries. Even though Strands remains an independent company within the Italian group, the deal allows it to act as a registered AISP. While sharing more details about the license, Strands’ CEO, Erik Brieva, stated:
“Going to the market as an AISP is a natural step in our growth strategy and it’s yet another example of the potential of our partnership with CRIF. Thanks to our advanced account aggregation capabilities and AI expertise, Strands is in a strong position to help financial institutions all over the world to seize the opportunities generated by Open Banking, take their customers relations to the next level and, ultimately, increase their sales and revenue.”
Strands describes itself as a fintech pioneer with the award-winning solution for Personal Financial Management (PFM). Its Finance Suite includes a portfolio of products that share a common foundation based on Big Data Processing, Artificial Intelligence, Machine Learning, Open API and best-in-class Customer Experience.