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Q:

What's a PISP and how does it relate to Open Banking TPP services?

A:

PISP stands for Payments Initiation Service Provider. Through PISPs, using a credit transfer process, you can make:

  • Immediate payments
  • Future dated payments
  • Inter account transfers
  • CHAPS payments
  • International payments
  • Multiple payments through imported files

The transfer is requested directly from your account without the need  for credit or debit card details.

These payments can only be made if you’ve set up the required permissions through Bankline. All existing Bankline payment limits and controls such as smartcard confirmation will still apply.

Within Bankline this will be referred to as 'Third Party Provider Payments'.

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