Date: 01.09.2022What is a payment initiation service?
Under section 1 (33) of the German Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG), a payment initiation service is a service in which a payment order is initiated on the instructions of the payment service user with respect to a payment account held at another payment service provider. For example, payment initiation services enable service providers in this area to give beneficiaries the assurance that a payment has been initiated so that they can make goods or services available promptly.
