Payment Initiation Service: the regulated service, defined by PSD2, by which a third party initiates a payment on a customer's behalf, directly from their bank account.
Example: paying an online invoice straight from a bank account through a third-party application, rather than entering card details.
Providers: PISPs such as Tink, Token or TrueLayer.
The appeal is cost and speed: the payment travels on bank rails, so there is no card interchange fee, and the merchant sees the funds sooner.
