What is a payment initiation service?

 
Payment initiation enables execution of payment transactions over the Internet or via mobile applications

Payment initiation service (PIS) means a service enabling users to initiate payment transactions debiting their payment accounts in the bank over the Internet or via mobile applications through a payment initiation service provider (PISP). The bank managing the account is obligated to provide the PISP with the information on payment initiation which is then forwarded by the PISP to the payer and payee (merchant). The payment initiation service provides security to the payee that the payment has been initiated successfully and that it will be executed, which paves the way for the delivery of the purchased good or service without undue delay.

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