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;