Payment initiation service (PIS)

Roles that need it

• Product Owner (Banking)
• Payments Partnerships Manager (Acquiring & Gateways)
• Merchant Acquiring Sales Executive
• Cash Management Product Manager
• Regulatory Change Analyst

Skills it belongs to

• Payments and cards products (schemes, chargebacks, PSD2, open banking)
• API design and integration

Related concepts

• Open bankingOpen banking is the secure sharing of payment account data, and the initiation of payments, by authorised third-party providers with the customer's consent, through bank interfaces that are usually APIs. In the EU it stems from PSD2, and in the UK from a 2017 competition order. Its extension to savings, investments and pensions is called open finance.
• Account information service (AIS)An account information service (AIS) is an online service that gives a user consolidated information on payment accounts held with other providers, such as balances and transactions for budgeting or credit checks. Under PSD2 the provider (AISP) must be registered, hold professional indemnity insurance and reach accounts through the bank's dedicated interface.
• SEPA Instant Credit Transfer (SCT Inst)SEPA Instant Credit Transfer (SCT Inst) is the European Payments Council scheme for euro credit transfers that complete within 10 seconds, 24 hours a day, every day of the year. The payment is either credited and confirmed in time or rejected, and once credited it is irrevocable. Also called SEPA Instant or instant payments.
• PSD2 (Second Payment Services Directive)The second Payment Services Directive, Directive (EU) 2015/2366 (PSD2), is the EU law on payment services and their providers, applicable since January 2018. It sets authorisation, transparency, execution time and liability rules, created regulated payment initiation and account information services, and required strong customer authentication. PSD3 and the PSR will replace it.

Sources

• Directive (EU) 2015/2366 on payment services in the internal market (PSD2), EUR-Lex (external site) accessed 31 Oct 2026
• Commission Delegated Regulation (EU) 2018/389 on strong customer authentication and common and secure communication, EUR-Lex (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.