§ 1-6. Proxy services: payment initiation and account information

The Financial Contracts Act (Finansavtaleloven)·LOV-2020-12-18-146

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§ 1-6. Definitions concerning proxy services

(1) In this Act, payment initiation service means a payment service (betalingstjeneste) whereby, at the request of a customer (kunde), a payment order (betalingsoppdrag) is initiated from a payment account (betalingskonto) offered by another payment service provider (betalingstjenesteyter).
(2) In this Act, payment initiation service provider (betalingsfullmektig) means a service provider (tjenesteyter) that offers payment initiation services.
(3) In this Act, account information service (kontoinformasjonstjeneste) means an online payment service for providing consolidated account information from one or more payment accounts the customer holds with either another payment service provider or with at least two payment service providers.
(4) In this Act, account information service provider means a service provider that offers account information services.
(5) In this Act, proxy service means payment initiation service and account information service.
Source: Lovdata — Finansavtaleloven (the Financial Contracts Act) § 1-6

What does this mean?

The section defines proxy services, meaning services where a third party comes in between you and your bank. With a payment initiation service, another party initiates a payment from a payment account that you hold with another service provider. An account information service is an online service that gathers information from your accounts in one or more banks. The businesses are called payment initiation service providers and account information service providers.

The collective term proxy service covers both. The services are listed among the payment services in § 1-5, and the terms are used further in the Act's rules on conditions for proxy services.

Related sections
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