Illimity Payment Initiation Service (PIS) - Illimity Account

Bank Information

Bank Name: Banca illimity Bank S.p.A.

Address: Via Soperga 9 - 20124 Milano

Phone: 02.82849660

PEC: illimity@pec.illimity.com

Registration: Registered with the Register of Banks (Number: 5710), part of the illimity Bank Group (Number: 245). Registered with the Milan Business Register (REA MI 2534291). Adheres to the Interbank Deposit Protection Fund and the National Guarantee Fund. Supervised by Banca d'Italia S.p.A.

What is the Payment Initiation Service (PIS)?

The Illimity current account holder (Illimity Account), who has activated the functionality to access information on payment accounts held with third-party intermediaries (via the AIS - Account Information Service), can initiate payment orders for these accounts through the Illimity remote service.

This service is not dependent on an agreement between Illimity Bank and the third-party intermediary. When initiating payment orders, Illimity Bank, as a Payment Service Provider, identifies itself to the Client's Third-Party Payment Service Provider by securely transmitting payer and beneficiary information, in accordance with Directive (EU) 2015/2366 and related technical regulatory standards.

To use the PIS, clients must sign an supplementary agreement to the "Current Account and Ancillary Services Contract." This agreement can be signed digitally through the Illimity remote service using Digital Signature.

The PIS can be activated and deactivated by the Client at any time via a dedicated function within the Personal Area of the Account.

Illimity Bank's role is to transfer the payment order to the Client's Third-Party Payment Service Provider. The execution of the payment remains the responsibility of the Third Party, which may apply costs as per the contract between the client and the third party.

Details on how the service is provided will be made available to the Client in their Personal Area and through the Illimity Remote Service.

Transactions initiated by the Client on payment accounts held with a Third-Party Payment Service Provider must also comply with the terms and conditions of the contract signed between the Client and the account's Payment Service Provider.

The Beneficiary Verification service, as per the Current Account contract, is handled by Illimity Bank as the PISP when acting as an active PISP.

Typical Risks

The main risks associated with the payment order initiation service include:

Delays or errors in transaction execution if the Client provides inaccurate data (e.g., incorrect IBAN or beneficiary details).
Inability to revoke a payment order with Illimity Bank. Revocation requests must be made to the Client's Third-Party Payment Service Provider, according to their procedures and timelines.

Principal Economic Conditions

The following are the economic conditions for the service, presented as maximums in favor of the Bank and minimums in favor of the Client.

Account Type	Monthly Fee for Payment Order Initiation Service
ILLIMITY ACCOUNT - SMART PACKAGE AND CLASSIC PACKAGE	1 Euro / month (*)

(*) The fee is applied entirely for each month in which the service was active for at least one day.

ILLIMITY ACCOUNT - PLUS PACKAGE AND PREMIUM PACKAGE

Monthly Fee for Payment Order Initiation Service

0.00 Euro

Withdrawal from Payment Services

The Payment Initiation Service cannot be withdrawn independently; it can be activated and deactivated by the Client at any time via the Personal Area. The Client can withdraw from Payment Services without penalty and at no cost, with one day's notice. The Bank may withdraw from Payment Services with two months' notice. In case of withdrawal, contractual conditions continue to apply to ongoing operations. For continuous payment orders, the instruction is only valid for the ongoing transaction, and the mandate for subsequent orders is terminated. Withdrawal from Payment Services automatically leads to withdrawal from the Current Account Contract.

Legal Transfer Times for Payment Accounts

Consumer Clients can easily transfer payment services and accounts between banks as per Legislative Decree 15 March 2017, no. 37. Transfers are free and completed within twelve (12) working days, though some related services may require more time. For six (6) months after authorizing a transfer, consumer clients have the right to receive free information relevant to the transfer, including standing orders and direct debits. More information is available in the "Transparency" section on the Bank's website.

Complaints

In case of disputes regarding banking and financial operations (excluding investment services), Clients can submit a complaint to Illimity Bank via:

Registered mail (A/R) or ordinary mail to: illimity Bank S.p.A. Via Soperga, n. 9, 2012400 Milano
Email: reclami@illimity.com
Certified email (PEC): illimity@pec.illimity.com
Digital form in the Personal Area, or other methods made available by the Bank.

The Bank will respond to complaints within regulatory timeframes: 60 days for banking services, 45 days for insurance mediation services, and 15 working days (or 35 in exceptional cases with an interim response) for payment services.

If unsatisfied with the response or if no response is received, Clients can contact the Banking and Financial Ombudsman (Arbitro Bancario Finanziario - ABF). Information on how to contact the ABF and its scope is available on www.arbitrobancariofinanziario.it, at Banca d'Italia branches, or by contacting the Bank.

Clients may also submit a report to Banca d'Italia.

For mandatory mediation obligations under Legislative Decree No. 28/2010, prior to legal action, Clients and the Bank must attempt mediation through:

The Banking Conciliation Body of the Conciliatore Bancario Finanziario
The Association for the resolution of banking, financial, and corporate disputes - ADR (www.conciliatorebancario.it)
Other mediation bodies registered with the Ministry of Justice specializing in banking and financial matters.

Contacting the ABF fulfills the mediation requirement.

Glossary

Additional terms for the Current Account Information Sheet:

Payment Order Initiation Service: A service that initiates a payment order at the request of a payment service user for a payment account held with a Third-Party Payment Service Provider.
Payment Order: Any instruction given by a payer or beneficiary to their payment service provider to execute a payment transaction.
Third-Party Payment Service Provider or Third Party: A Payment Account Information Service Provider offers a remote service providing consolidated information on one or more payment accounts held by the Client with another Payment Service Provider or multiple online accessible Payment Service Providers.
Payment Service Provider for Payment Order Initiation: Offers an online service for initiating a Payment Order at the Client's request for a payment account held with another online accessible Payment Service Provider.
Payment Service Provider for Account-Holding: Provides and administers a payment account for a payer.

Updated on 27/06/2025

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