‹ Parent Undertaking or Parent Payment Initiation Service Provider (s) or PISP(s) › Payment Initiation Service A 'payment initiation service' is an online service to initiate a payment order at the request of a customer from a payment account held at a licensee maintaining customer accounts with the customer's explicit consent and authentication. Added: December 2018 ‹ Parent Undertaking or Parent Payment Initiation Service Provider (s) or PISP(s) ›