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
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.
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