illimity introduces Payment Initiation Service in Italy

Tuesday 12 May 2020 11:05 CET | News, the illimity Group’s digital direct bank has announced introducing the Payment Initiation Service (PIS) in Italy.

It is a system which enables customers to make payments from accounts of other banks, consolidated on its open banking platform.

This function will be available from 12 May 2020 for customers who have activated the illimity connect account aggregation service, which is available for all bank’s customers and that provides a view of how finances are performing. The account aggregation service was introduced into Italy in September 2019 by, when starting up operations.

Using this service, the bank’s platform customers will be able to make standard bank transfers from the illimity platform operating on one of their aggregated accounts, and from June 2020 will also be able to carry out instant and international transfers.

The new solution is the result of the open banking collaboration with Fabrick and helps offering of account aggregation, which Fabrick created for illimity as an implementation of a project based on the potential of PSD2 in Italy.

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Keywords: illimity, Payment Initiation Service, payments , Italy, digital bank, banks, PIS, Open Banking, Fabrick, PSD2
Categories: Banking & Fintech
Countries: Italy
This article is part of category

Banking & Fintech