Google’s Answer
A Payment Initiation Service Provider (PISP) lets you pay companies directly from your bank account rather than using your debit or credit card through a third-party such as Visa or MasterCard. A PISP needs your explicit consent before providing you with this kind of service.
Our Answer
A payment initial service provider uses open banking APIs to initiate transactions from your bank account, with out the need for you to log into your bank account and set up the transaction yourself. It is like using a card payment, entering your pin authorises someone to debit your account send it to whoever you are paying, except that instead of using card schemes to process the transaction, the payment is sent directly from your bank via faster payments or CHAPs etc..
