Online payments to change – Paytrail is once again the first to be licensed

The Paytrail team Written by The Paytrail team - Aug 29, 2019

On August 26, 2019, Paytrail was the first company in Finland to be granted PISP and AISP licenses in accordance with the Payment Services Directive (PSD2). In 2011, the company was also the first player in Finland to be authorized as a payment institution by the Finnish Financial Supervisory Authority. The Finnish Financial Supervisory Authority also issues PISP and AISP licenses.

The Payment Services Directive, which will enter into force in mid-September, will permit banks to open their interfaces to third-party institutions. Aside from banks, only holders of PISP licenses can forward online payments compliant with PSD2.

With the consent of the consumer, AISP license holders can collect and combine the consumer's account data. This will lead to the market entry of new kinds of services, as originally intended by the new directive.

"It should be borne in mind that third parties of this kind must be institutions approved by the Finnish Financial Supervisory Authority, which have the consent of the consumer. In other words, not just anyone can do whatever they want, however they like," explains Markus Laurio, CEO of Paytrail.

"We are entering a new era in online payment. The new legislation will enable online payment to compete with card payments, when the payment experience provided by banks is improved," says Laurio.

By September 14, 2019, the banks must open their interfaces to payments that comply with the new directive.

"A larger number of these PIS payments will become more commonly used, when the payment flow provided by banks is at the same level as current online bank payments. So more payments under the new directive will begin appearing next year," Laurio comments.

"The Payment Services Directive will primarily affect the relationship between banks and payment intermediaries. For consumers, the main impact of the directive's introduction will be small changes in the payment flow. However, the overall idea is to improve the security of online purchasing in Europe," says Laurio.


Established in 2007, Paytrail has the largest payment volume of all online payment services in Finland. The company provides payment services to more than 10 000 webshops and online services and is also responsible for the online payments of the service. Products and services worth over eight billion euros have been paid for using Paytrail's payment service. The company is part of Nets, the second largest payment company in Europe.

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