Faster payments based on new payment initiation service

01 / 09 / 2021

Learn more about the concept of the new account-based payment method, the related user experience and the benefits for consumers and merchants. See how you can get Faster payments based on the new payment initiation service.

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One of the European Union’s objectives with the second directive on payment services is to open up the financial market to new players with innovative and competitive services. Such Third-Party Providers (TPPs) can access the consumers’ bank accounts based on a consent granted by the account owner and offer new innovative payment services based on SEPA credit transfer.

This brochure explains the details of this new payment method together with the resulting user experience and the benefits for consumers, merchants and payment service providers.