Payment Initiation Service Provider
A PISP (Payment Initiation Service Provider) is a licensed open banking party that, with the user's consent, initiates account-to-account payments directly from the bank account.
A PISP provides the Payment Initiation Service (PIS). After the user approves at their bank, the PISP initiates a payment straight from the account without card networks. Because it offers lower transaction cost, instant transfer and low chargeback risk, it is preferred in e-commerce, bill collection and wallet top-ups.
In Europe the PISP authorisation falls under PSD2; in Türkiye the payment initiation service is provided by licensed institutions under the TCMB framework. Kobaküs provides the payment infrastructure.
No. Instead of card networks, a PISP initiates account-to-account payments directly from the bank, which lowers fees.
Yes. Every payment is approved at the user's bank with strong authentication (SCA); the PISP never sees banking credentials.
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