As a B2B provider, we enable third parties to access various financial sources through the integration of our technology. This includes processed data of bank accounts, credit cards, deposits, Paypal accounts, as well as a variety of FinTechs. Initially, companies used our solution, for example, to automate bookkeeping, simplify credit checks, or make account changes a trivial issue. In the meantime, more and more banks have counted themselves among our customers. They develop products that deliver added value to the user. These applications allow banking to not take place at the bank, but in everyday life, offering aesthetic appeal and ease of use.
Of course we can certainly say that the Payment Services Directive 2 (PSD2) plays right into our hands as a company. What figo has been living and breathing since the beginning of 2014 – the new, open banking world – is now being released from its legal grey area as a new standard. The tried and true technical solutions which we already offer, which preeminently match up to the basic idea of PSD2, show how forward-looking our approach is. At the same time, we have proven again and again that we react dynamically to the constant changes of an increasingly digitised financial sector.
KNOWN FROM ...
The figo family
TheresaProcess & Outsourcing Controlling Manager
ChrisHead of Partnerships
StellaHead of PR & Marketing aka Ms Propaganda
FlorianPartnerships - Banks & Financial Institutions
BirteSenior IT Project Manager
StevenHead of IT
HeikoCOO/CFO/MD aka Minister of Internal Affairs
JonasJunior Governance and Risk Manager
NinaOffice Manager/Management Assistant aka Office Angel
ChristianSenior Python Developer
MaxInformation Security Officer
BeaHuman Resources Manager
NilsLead Technical Support Manager
DennisSenior Software Engineer aka 1337 python lad
SebastianHead of Product Development
LarsAPI Evangelist aka The FinTech Wiki
Moritz P.Senior Python Developer aka Señor Python Developer
ArtemQA Lead Engineer
CarolinJunior Software Developer
AnneJunior Marketing Manager
RobertSoftware Engineer aka Harmony Bear
JoshJunior Software Developer
MiraJunior Controller/ Accountant
SamuelJunior Software Engineer
Christian H.System Architect
DanyTechnical Service Specialist
Florian T.Junior Technical Service Specialist
figo started as a MultiBanking app. The goal was to give users the best mobile banking experience.
Once merely an app provider, figo has become Europe’s first banking service provider through an entrepreneurial realignment. As a B2B provider, the company enables third parties to access various financial sources through the integration of technology. This includes processed data of bank accounts, credit cards, deposits, Paypal accounts, as well as a variety of FinTechs.
At the beginning, it was primarily FinTech companies that drew on our solution, which for example automates accounting, simplifies credit checks, and makes account changes a trivial issue.
In April 2015, Gini and figo organised Germany’s first Bankathon. The competition is a neutral platform that brings players from across the financial sector together on a level playing field. Over the past few years in Europe, an entire ecosystem has developed around the competitions, during which programmers demonstrate how in a short time frame, they can deliver new, concretely applicable use cases and ideas for technical implementation. At the Bankathon, participants, sponsors and guests witness up close what creative developers can build on the foundation of banking infrastructures.
Banks, PSD2 and Europe
In the meantime, more and more banks have counted themselves among our customers. They develop products that deliver added value to the user. These applications allow banking to not take place at the bank, but in everyday life, offering aesthetic appeal and ease of use.
The basic principles of PSD2 are to promote competition alongside banks and to open up a system landscape that has thus far been closed – and to do it all over Europe! Users should have the ability to use their own bank accounts – that is, their own bank data – confidently and autonomously in the offers and services of so-called third parties, of course, with a reasonable level of security within a understandable liability construct.
In practice, it is the PSD2’s ‘Access to Account’ (XS2A) requirement which obliges banks to open up and allows access to third parties.
With the xs2a enabler, figo has developed a product especially for banks.
ZAG-Licence and RegShield
Our long and hard work finally came to fruition on the 16. August 2018: figo GmbH became a regulated institution under the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG), granting figo authorisation by the Federal Financial Supervisory Authority (BaFin) to provide payment initiation (PIS) and account information services (AIS), which have been regulated since the beginning of the year.
In the course of receiving the licence RegShield was launched. With it, figo takes on the burden of its partners’ licensing obligations.