For the purposes of this Regulation, the following definitions apply:
(1) "credit transfer" means a national or cross-border payment service for crediting a payee's payment account with a payment transaction or a series of payment transactions from a payer's payment account by the PSP which holds the payer's payment account, based on an instruction given by the payer;
(1a) "instant credit transfer" means a credit transfer which is executed immediately, 24 hours a day and on any calendar day;
(1b) "payment initiation channel" means any method, device or procedure through which payers can place payment orders with their PSP for a credit transfer, including online banking, a mobile banking application, an automated teller machine, or in any other way on the premises of the PSP;
(1c) "payment initiation service provider" means a payment initiation service provider as defined in Article 4, point (18), of Directive (EU) 2015/2366 of the European Parliament and of the Council [Dir
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