Weight
7
Answer
Payment Initiation Service Providers or Payment Service Providers offer businesses an online solution for receiving electronic payments. This is usually based on a software-as-a-service (SaaS) model that connects a company’s website with the online banking platform of the payer’s bank in order to initiate and complete a credit transfer. The service can accommodate multiple payment methods, such as credit card, bank-based payments (direct debit) and real-time online bank transfers by connecting to multiple bank, card and payment networks. The Payment Initiation Service Provider generally handles the electronic connections and the relationships with the external network and the bank accounts.