greiðsluinnleiðingarkerfi

A greiðsluinnleiðingarkerfi, or payment initiation system, is a service that allows third-party providers to initiate payments on behalf of a customer with their explicit consent. These systems are a key component of open banking initiatives, enabling a more competitive and innovative financial services landscape. By connecting directly to a customer's bank account, a greiðsluinnleiðingarkerfi bypasses traditional card networks.

The core functionality of a greiðsluinnleiðingarkerfi involves securely accessing a customer's bank account information through an Application Programming Interface (API). Once authenticated and authorized by the customer, the system can then initiate a direct credit transfer from the customer's account to the intended payee. This process typically requires strong customer authentication.

Benefits of using a greiðsluinnleiðingarkerfi include potentially lower transaction fees compared to card payments, faster settlement times, and a more streamlined checkout experience for consumers. Businesses can integrate these systems into their websites and applications to offer an alternative payment method at the point of sale. The development and regulation of these systems are often driven by legislative frameworks aimed at increasing competition and consumer choice in the payment sector.