A Payment Initiation Service Provider: a third party licensed to initiate a payment directly from a customer's bank account, with their consent.
The customer authorises the payment in their own banking app, and the funds move by bank transfer rather than through a card network. Because no card scheme sits in the middle, fees are generally lower.
PISPs require a full payment institution licence, a heavier regime than the registration applying to AISPs, because they move money rather than only reading data.
