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BaFin approval for FintechSystems services

Good news for FintechSystems. The company, to which the payment service “OnlineTransfer” counts, has received the green light from the German Federal Financial Supervisory Authority for its account information service and payment initiation service.

FintechSystems intends to further expand its business in the now secure regulatory environment. The company specializes in software-as-a-service models as well as regulatory compliant integrations and sees itself as an infrastructure partner for banks, fintech and financial services providers.

“Under the ‘umbrella’ of our PSD2 license, customers, including numerous FinTech companies, can offer their services in a legally compliant environment without having to deal with regulatory, technical or contractual challenges in detail,” says Dirk Rudolf, CEO and Founder at FintecSystems in a message from the company.

All banks covered by FintechSystems

The founders of FintecSystems, Dirk Rudolf and Stefan Krautkrämer, from 2005 built up the payment service “Sofortüberweisung” to one of the leading Internet payment methods in Europe. In 2014, they founded FintecSystems and have since specialized in payment initiation services and fully automated financial analysis of online banking data. With the help of a PSD2-compliant API, FintecSystems covers all banks (more than 5,000 banks, 99.5 percent banking coverage, around 100 million online banking accounts) in Germany, Austria, France and Spain.

Brand dispute with Klarna settled

A brand dispute with the payment provider Klarna caused a stir last year. According to Klarna, the Fintec-Systems offer “Sofortpay” was very similar to the “Sofortüberweisung” offer, which has belonged to the Swedish unicorn since 2014. Sofortpay violates the trademark law and the law against unfair competition. At the district court of Munich therefore 2018 complaint against FintecSystems was submitted, among other things due to omission.

The legal dispute has meanwhile been settled. FintecSystems agreed to stop using the term “Sofortpay” in the future. Furthermore, FintecSystems GmbH has undertaken to renounce in the future also the designations “Sofort” or “Sofortüberweisung” in their business and marketing activities for certain online payment services. The FintechSystems product is now called “OnlineTransfer”.

FintecSystems works for Santander, DKB and Deutsche Handelsbank. Even the most valuable German unicorn N26 is among the customers who may soon want to go public.

Published inFintech

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