PISP Definition.

Payment Initiation Service Provider: a licensed third party (under PSD2) that initiates a credit transfer directly from the payer’s bank account, with the payer’s consent, through open banking APIs. It is the foundation of pay by bank: combined with instant payments, it competes with cards in e-commerce, for large purchases, and for bill payments. The PSR (part of the PSD3 package) is meant to improve the quality and consistency of the APIs it relies on.

See also

→ Open banking→ A2A (account-to-account)→ Instant credit transfer

Where this term appears

GuidePayment regulationGuideFrench fintech: an overviewGuidePayments in FranceGuidePayments in IrelandGuidePayments in the UKGuideAgentic payments around the worldGuidePayment licenses and authorizations around the worldGuideOpen banking around the worldGuideInstant payments around the worldGuidePayPal, BNPL, and alternative paymentsGuideOpen banking and pay-by-bankCoursePayment fundamentals

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