PIS
ServicesPayment Initiation Services
Definition
Payment Initiation Services are services that allow a third-party provider to initiate payments from a customer's bank account on their behalf. PIS enables use cases like direct bank payments for e-commerce, bill payments, and person-to-person transfers.
Related Terms
PISP
Payment Initiation Services ProviderA Payment Initiation Services Provider provides an online service to initiate a payment order at the...
AIS
Account Information ServicesAccount Information Services allow third-party providers to access account data (such as balances an...
Open Banking
Open Banking is the practice of banks and other account providers exposing customer account and paym...
Frequently Asked Questions
What is Payment Initiation Services?
Payment Initiation Services are services that allow a third-party provider to initiate payments from a customer's bank account on their behalf. PIS enables use cases like direct bank payments for e-commerce, bill payments, and person-to-person transfers.
What does PIS stand for in Open Banking?
PIS stands for Payment Initiation Services. It is a fundamental concept in Open Banking and PSD2 regulations. Payment Initiation Services are services that allow a third-party provider to initiate payments from a customer's bank account on their behalf. PIS enables use cases like direct bank payments for e-commerce, bill payments, and person-to-person transfers.
How does PIS relate to Open Banking?
Payment Initiation Services is a key concept in the Open Banking ecosystem, falling under the Services category. Payment Initiation Services are services that allow a third-party provider to initiate payments from a customer's bank account on their behalf. PIS enables use cases like direct bank payments for e-commerce, bill payments, and person-to-person transfers.
More Services Terms
AIS
Account Information ServicesAccount Information Services allow third-party providers to access account data (such as balances an...
Sweeping
Sweeping is the automated movement of a customer's funds between two accounts in their name, such as...
VRP
Variable Recurring PaymentsVariable Recurring Payments let customers safely connect authorised payments providers to their bank...
Instant Payments
Instant Payments / Real-Time PaymentsInstant Payments are electronic payments that are processed, cleared, and settled within seconds, 24...
CoF
Confirmation of FundsConfirmation of Funds is a service that allows a CBPII to request confirmation from an ASPSP that su...
CoP
Confirmation of PayeeConfirmation of Payee (CoP) is a UK service that lets a payer check the name of the recipient accoun...
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