FinTecSystems received the BaFin permit as an account information service as well as a payment initiation service. In the competition of the Fintechs the Munich can now offer their services from the digital bank information to the payment initiation regulated.
They are very happy about the BaFin permit. They have worked hard for this moment. The permission granted now was the missing component for them. With the permission, they add another service to this customer focus. Under the umbrella of their PSD2 license, customers, including numerous fintech companies, can offer their services in a legally compliant environment without any detailed regulatory, technical or contractual challenges to have to.
With the BaFin approval, customers of the company can use the license as an account information and payment initiation service, reports FinTecSystems. With the PSD2 License as a Service you take companies, such as accounting and accounting programs, factoring providers, credit platforms or the like under its own regulatory umbrella. Thus they meet the BaFin requirements even without their own license. With the License as a Service model, the companies concerned could offer or continue their services in compliance with PSD2.
Dirk Rudolf, Managing Director FinTecSystems
Fintech applied for the BaFin license in April 2018 as an account information and payment initiation service.
With the PSD2 License as a Service, FinTecSystems now offers its customers lasting legal certainty. All customers who opt for this solution are tested and receive a certificate including a usable seal after successful compliance and KYC testing. In addition, companies would save legal fees and licensing resources.
The FinTech was founded by Dirk Rudolf and Stefan Krautkrämer. Both of them started their payroll service from 2005 onwards. A dispute over the payment procedure was one of the main reasons for the decision of the European Commission to further develop electronic payments from PSD to PSD2. In 2014, Dirk Rudolf and Stefan Krautkrämer founded FinTecSystems and have since specialized in payment initiation services and the fully automated financial analysis of online banking data. The core of the company is a PSD2 compliant API.
Also published on Medium.