What is PISP?
A PISP is a service provider who can execute a payment transaction on the behalf of a customer. Meaning they are able to withdraw money directly from your account, as long as you have given your consent. If you have more than one bank account, you can choose which account the money will be withdrawn from.
In the future the number of PISP providers will increase. Experts, among other things, expect Facebook to become their own payment processor in the future, with their own PISP, handling all payments on their platform. In Norway Vipps (a payment app) is currently the most used PISP.
Why use a PISP?
Using a PISP provides a customer several advantages. You no longer need to access your online bank to pay invoices. A PISP contains all your bank details, so you can easily pay all invoices via the PISP, the amount is withdrawn from the bank account you set.
Another option you have using a PISP, is using it to pay for products and services in all physical stores, apps and web shops. Given that the shop has an agreement with your preferred PISP.
Since all PISP are Bank independent, the PISP are free to make agreements across banks. This means that an end user can use a PISP, regardless of which bank they have.
In the future the customers might, as a result of the European PSD2, be able to use their preferred PISP also when traveling in different European countries.
Known PISP’s in the Nordics today are:
- Norway: Vipps
- Sweden: Swish
- Danmark: MobilPay
How does Compello use a PISP in our solutions?
Compello is collaborating with Vipps through, among other things, Vipps eInvoice. We will collaborate with all relevant PISP providers that enter the Norwegian market, if they are relevant to our customers.