The Payment Initiation Service (PIS) Makes Its Debut In Italy With Illimitybank.Com Enabling Payments From Accounts Of Other Banks Consolidated On Its Platform

illimitybank.com, the illimity Group’s digital direct bank, is introducing the Payment Initiation Service (PIS) in Italy for the first time ever, a system which enables customers to make payments from accounts of other banks consolidated on its platform.

This new function will be available from tomorrow for customers who have activated illimity connect, the account aggregation service set up by illimitybank.com, already available for all bank’s customers and that provides a complete view of how finances are performing thanks to reports and smart analyses based on spending that is also carried out using the accounts of other banks.

The account aggregation service, envisaged by the European Directive on payment services (PSD2), was actually introduced into Italy for the first time last September by illimitybank.com when starting up operations.

From tomorrow, the bank’s customers will be able to make standard bank transfers from the illimity platform operating on one of their aggregated accounts, and from June will also be able to carry out instant, recurring and international transfers. The operations available through the PIS service will be gradually extended, making it possible, for example, for customers to fund their spending plans or add to their illimitybank.com deposit accounts using their aggregated current accounts.

With this initiative the bank is aiming to establish itself as the leading integrated management platform for the finances of its customers, to whom they will continue to provide an increasingly advanced range of functionalities and services.

The new solution is the result of the open banking collaboration with Fabrick and enriches the offer of account aggregation, which Fabrick has created for illimity as the first implementation of a project based on the potential of PSD2 in Italy.

Carlo Panella, Head of Direct Banking and Chief Digital Operations Officer of the illimity Group, commented: "illimitybank.com 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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The new platform will be presented at the streamed event promoted by illimity and StartupItalia on 14 May at 2.00 p.m:

Open Banking: digital evolution in payment platforms