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May 12, 2020

illimitybank debuts payment initiation service in Italy

illimity Group’s digital direct bank has launched the Payment Initiation Service (PIS) in Italy for the first time ever.

The PIS allows people to make payments from accounts of other banks consolidated on its platform.

The digital direct bank said that this new option can be used by all its customers who have activated illimity connect and its account aggregation service.

Conceptualised by the European Directive on payment services (PSD2), the account aggregation service was launched in Italy by last September.

The bank noted that its clients will be able to make routine bank transfers from the illimity platform operating on one of their aggregated accounts effective immediately.

They will be able to conduct real-time, recurring and international transfers starting from June.

The bank also intends to gradually allow customers to fund their spending plans or add to their deposit accounts using their aggregated current accounts.

illimity Group head of direct banking and chief digital operations officer Carlo Panella said: “ is enhancing its offer in the spirit of constant innovation. From a wholly open banking standpoint the direct bank also enables its customers to make payments from the accounts of other banks from their illimity account, and we in illimity are proud of being the promoters of this innovation.

“We will continue working in this direction in order to extend our services and provide our customers with new and useful solutions.”

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