Payment initiation service
A service that initiates a payment order at the user's request from an account held at another provider.
Under PSD2, a payment initiation service is a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider. The provider of that service, often called a PISP, must be authorised and must identify itself to the account provider, and the payer authenticates with their own bank. It is the regulated channel through which an agent can instruct an account-to-account payment in the European Union and the UK.
Agent Minute explains this term on 6 November 2026.
Related terms
Payment accountAn account held in the name of one or more payment service users and used to execute payment transactions.Account servicing payment service providerThe provider that provides and maintains the payer's payment account, typically the customer's bank.Variable recurring paymentA series of payments made under one standing consent, within limits such as a maximum per payment and per period.Strong customer authenticationAuthentication using two or more independent elements from knowledge, possession and inherence.