The authorisation issued to CRIF Realtime Ireland, a group company based in Dublin and 100% controlled by CRIF, extends CRIF’s capabilities in the Open Banking area by providing payment initiation services.
After the Account Information Service Provider (AISP), CRIF is one of the first credit reporting agencies to achieve a PISP licence within the European Union, opening the way to new services that strengthen its commitment to digital financial inclusion.
A PISP is a payment institution which, under the revised Payment Services Directive (PSD2), initiates a payment order at the request of the payment service user with respect to a payment account held with another payment service provider.
More specifically, thanks to this licence CRIF will be able to support a variety of clients – not only financial institutions – through a combined offering of proprietary data, Open Banking data, and Open Banking payments, thus enabling a set of new use cases spanning across different industries.
Adding payment initiation services allows the completion of digital processes, from identification to the final check-out, which represents a sensitive step because of its high dropout rates, both in business-to-consumer (B2C) and business-to-business (B2B) payments.
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