Compello explains industry relevant words and techniques, as typical buzzwords

PISP (Payment Initiation Service Provider)

 

What is PISP (Payment Initiation Service Provider)?

A PISP is a service provider who can initiate a payment transaction on behave of the customer, meaning they are able to withdraw the money directly from your account if you have given you’re consent. If you have more than one account, you can choose which account the money will be deducted from.
In the future, more and more PISP will be on the market. Experts, among other things, expect Facebook to come up with this opportunity in the future. In Norway Vipps (a payment app) is currently the most used PISP.

 

Possibilities and advantages of using a PISP:

Using a PISP gives each customer a lot of possibilities. One is that you no longer need to access you bank online to pay invoices. The PISP has all you bank details and pays all invoices on behave of their customers with the customer chosen bank account.

Another possibility with using a PISP is that you can use them to pay for products and services in all physical stores, apps and web shops that has an agreement with your preferred PISP. Since all PISP will be Bank independed, the PISP are free to make agreements that will benefit all customers not just one banks customers base.

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:
– In Norway: Vipps
– In Sweden: Swish
– In Danmark: MobilPay

 

PISP and Compello

As of today, we already have a good cooperation with Vipps, through Vipps invoice. If other PISP players enter the Norwegian market, we will enter into cooperation with those relevant to our customers and their customers again.

 

 

Relevant terms to PISP:PSD2, AISP, Vipps, Open Banking

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