EPIF is glad to share its views on the topic of third parties accessing payment accounts to effect payments on behalf of European consumers (also called Payment Initiation Services) as well as to make four recommendations in respect of Payment Initiation Services (“PIS”).

Thanks to their safety, convenience and economic efficiency, we expect PIS to bring significant benefits to European consumers and contribute to the integration of the European payments market. In order for this to happen, consumer interests need to be safe-guarded and it needs to be ensured that third-party providers and bank-sponsored providers of PIS compete on a level playing field.