Via the partnership, the companies have formed a Payments Initiation Service Provider (PISP), enabling online merchants to execute payment transactions with a customisable white label solution.
PSD2 allows regulated Payment Initiation Service Providers to initiate payments straight from customers’ bank accounts, enabling customers to make payments directly through the website they are currently using. Therefore, an Open Banking PISP can initiate and execute a payment transaction on behalf of an online merchant.
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