Date: 01.09.2022Payment initiation services
When using payment initiation services, you are redirected automatically from the retailer’s website to the service provider’s payment form. In the payment form, you are required to enter your bank sort code and your usual online banking login details. You are then asked to confirm the transfer with a TAN. The online retailer then receives a confirmation and is therefore immediately able to process and send the order.
Payment initiation services are already subject to Europe-wide regulation in the form of the Second Payment Services Directive. Providing such services requires prior authorisation from BaFin. More information can be found in our Guidance Notice about the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG) and on the pages relating to payment services and the Payment Services Directive.
