Subject to any exceptions, account information services are payment services which are subject to registration. According to Section 1 para. 1 sentence 2 no. 8 of the German Payment Services Supervision Act (ZAG) in connection with Section 1 para. 34 ZAG this is defined as an online service for the communication of consolidated information about one or more payment accounts of the payment service user with one or more other payment service providers.
The aim of the provision is essentially to protect the customers’ payment account-related data from unauthorised access. The law therefore takes a very broad interpretation of this service. The Second Payment Services Directive makes account information services subject to a registration and supervision regime for the first time. The payment initiation service is described in more detail in BaFin’s guidance note (Hinweise zum Zahlungsdiensteaufsichtsgesetz (ZAG) dated 22/12/2011 as amended on 29/11/2017 under item 2. g)).