Payment Initiation Service Provider (PISP) is a financial institution that facilitates online payments without any need for a credit or debit card. Unlike Account Information Service Providers (AISPs), Payment Initiation Service Providers (PISPs) have “read-write” access to financial data. This allows PISPs to send and receive money on behalf of a user.
One use case of Payment Initiation Services is in financial management applications in which a user can automate a certain amount of money to be saved into another account monthly. P2P transactions are also possible; such as a case in which two individuals can send and receive money between two different bank accounts in real-time with a mobile application.