PSP, bank and aggregator : which player to choose ?

PSP, bank and aggregator: definition

PSP, bank and aggregator intervene at complementary levels of the payment journey and respond to different needs depending on the business model.

What is a PSP ?

A PSP is a payment service provider that allows businesses (e-commerce site, marketplace or platform) to accept and process online payments.

Its role covers several key dimensions:

Acceptance of payments by bank card, bank transfer, wallet, direct debit…
The provision of specific payment facilities (BNPL, deferred payment, subscription, etc.), depending on the company’s activity.
The centralization of flows in payment accounts, and the transfers to bank accounts (both for own account and for the account of third parties)

A payment service provider can specialize in a payment method, a specific customer journey, or a business sector. This specialization allows them to develop in-depth expertise in a precise vertical (example: Mangopay in marketplace payments, Fintecture in bank transfers…).

A payment service provider (PSP) can also be versatile. In this case, it offers a core suite of services covering all online payment needs: multiple sales channels, different types of payers, various payment methods, etc. This approach makes it possible to address complex or evolving environments without multiplying the number of providers. This is the case with CentralPay.

In any case, what distinguishes a PSP from a bank or an aggregator is its ability to provide payment services, often developed internally, that are flexible, innovative and efficient.

What is the role of a bank ?

The bank primarily acts as an account manager and provider of banking infrastructure. It also enables businesses to access traditional payment methods and manage simple online payments.

In certain more complex or specific contexts, banks rely on payment service providers to complement their offering.

The bank’s role focuses on :

Access to traditional banking payment methods, such as cards, bank transfers, or direct debits
The provision of core banking services (opening and maintaining business accounts, financing services, loans, etc.)

Unlike payment service providers (PSPs) and aggregators, the solutions offered by traditional banks are generally not designed as tools for managing online payment journeys. Their level of sophistication therefore largely depends on the technology partners they choose.

In an e-commerce or marketplace model, the bank remains a central player, but it is most often integrated into a broader ecosystem, alongside payment service providers (PSPs).

What is an aggregator ?

A payment aggregator, like Purse, acts as an intermediary between a company and multiple payment service providers. It consolidates access to various payment services within a single platform to simplify activation and management (payment methods, options, etc.).

This model prioritizes operational simplicity and rapid implementation. It primarily meets the needs of companies seeking a turnkey solution with limited technical integration and a standardized functional scope.

It’s more of an architectural choice than a payment processing solution per se.

PSP, bank and aggregator : a comparison

PSPs, banks, and aggregators therefore operate according to different logics. Their choice depends on the level of complexity of the flows, business needs, and growth objectives.

Here is a comparison table between PSPs, banks, and aggregators :

Criteria	PSP	Bank	Aggregator
Main role	Design, operate, and route online payment journeys	Manage bank accounts and simple payment flows	Simplify access to multiple PSPs via a unified platform
Online payment	Yes, native and designed for digital uses	Possible, but not very e-commerce-oriented	Yes, via integrated PSPs
Payment methods	Extensive coverage, managed natively or via integrations (bank cards, wallets, bank transfers, direct debits, BNPL, Pay by Bank)	Traditional payment methods (card, bank transfer, and direct debit), supplemented through partners	Depends on the catalog and integrated partners
Gestion multi-bénéficiaires	Yes, via third-party accounts and native allocation rules	Not native, complex or indirect management	Possible indirectly via partner PSP
Technical integration	Modular API or configurable payment interfaces	Limited and inflexible integration	Fast, highly standardized integration
B2C/B2B adaptation	Suitable for both models	Internal financial management oriented	Primarily standardized B2C
Regulatory compliance	Insured by the PSP approved and certified by the ACPR	Insured by the bank	Primarily provided by partner PSPs
Scalability	High capacity, suitable for complex models and marketplaces	Limited capacity for payment journeys without a specialized partner	Limited capacity when flows or rules become more complex

PSP, bank and aggregator : the regulatory framework

Regulations govern the actors involved in managing payment flows. The rules vary depending on the status of the payment service provider (PSP), whether it is a bank or an aggregator.

PSP

Payment service providers are payment or electronic money institutions authorized by the ACPR (French Prudential Control and Resolution Authority)
They can collect funds on behalf of third parties and manage payment accounts.
They are subject to strict obligations regarding KYC (Know Your Customer), KYB (Know Your Bank), anti-money laundering, and counter-terrorist financing
They must guarantee the segregation of funds, transaction traceability, and user protection

Bank

Banks are credit institutions regulated by the ACPR and the ECB
They manage bank accounts and traditional payment methods
They cannot collect payments on behalf of third parties without a specific framework

Aggregator

Aggregators do not have their own accreditation. They rely on accredited PSPs to operate legally
Regulatory obligations are therefore borne by the partner PSPs
Leur périmètre reste limité et ne permet pas la gestion de flux complexes

Regulations therefore require choosing an actor suited to one’s business model.