Under PSD2 there are two new types of payments service providers; Payment Initiation Service Providers (PISP) and Account Information Service Providers (AISP). Instantor is an AISP, which means we do not have the permit to initiate payments. However our service can be used alongside Payment Initiation Services.
An Account Information Service Provider (AISP) lets you see all of your account information from different bank accounts in one place online or in a mobile app. AISPs can include budgeting apps and price comparison websites offering budgeting help and product recommendations. Source: UK FSA.
A Payment Initiation Service Provider (PISP) lets you pay companies directly from your bank account rather than using your debit or credit card through a third-party such as Visa or MasterCard. Both providers need explicit consent from the end user before providing the financial organisation with this kind of service. Source: UK FSA.