It is only six (!) months until 14 September 2019, the day the Regulatory Technical Standards (RTS) of the European Banking Authority (EBA) on Strong Customer Authentication (SCA) and communication, i.e. the communication between banks and third party providers under the PSD2, must be applied. One focus of the ongoing discussions in the market is the PSD2 interfaces to be expected by then. In February I was invited to participate with other market representatives in a BaFin workshop discussing the status quo. My main conclusion: We now have to shift the last open issues from the conference table into the heads of our developers.
The two well-known fintech pioneers are about to merge and forming the leading European Software-as-a-Service (SaaS) API platform for finance
Markus Dränert, Cornelia Schwertner and Taner Akcok to form the management team of the Berlin and Hamburg locations
Berlin/Hamburg, March 5th, 2019 – Banking service provider, figo, and fintech platform, finreach solutions, laid down the groundwork on March 4th for their plans to operate henceforth as one company, subject to the approval of the Federal Financial Supervisory Authority (BaFin). The planned merger of these two fintech companies, both of which are nationally and internationally successful, is taking place on a level playing field. Together, they will reach a new level in the European market. The consolidation of figo and finreach solutions is the logical result of an already-existing, long-lasting partnership. Both companies are pioneers in their respective sectors, as they have developed into leading service providers.
Container Love in Times of Regulation: Higher stability, security and scalability through microservice architecture
In the first half of 2019, figo will restructure its technical operation environment. In addition to a further data centre – from currently two to three German data centres in the future, operated by the known subcontractors of iNNOVO Cloud – the infrastructure will be converted to a container-based environment. Accordingly, the figo Banking as a Service API will be evolved into a microservice architecture. To orchestrate the overall solution, Kubernetes will be used.
These measures ensure figo API’s future-readiness with regard to requirements for stability, security, scalability and performance, while at the same time, enabling greater flexibility with increasing use of the service. The conversion has no effect on the continued reliable guarantee, that figo can meet BaFin’s Minimum Requirements for Risk Management (MaRisk) for hosted SaaS setups both as a service provider and as a payment institution.
Billing and Invoicing becomes easier – thanks to figo partner JustOn
Today we talk to Marko Fliege, founder and CEO of JustOn GmbH, who answers our #figoInside questions.
JustOn was founded in 2010 with the goal of bringing easy-to-use business software to the market, which automates invoice processing and thus enormously simplifies life for companies. Today, with its JustOn Billing & Invoice Management billing software, the company is a leader in the Salesforce platform.
This innovative software digitises accounting, payment and receivables processes for medium-sized companies and can be integrated into existing IT systems. It not only saves time and money on invoice management, but also enables transparent and well-founded evaluation of key performance indicators. Many well-known customers around the world use cloud-based software to bill XaaS business models and consumption data.
In order to offer automatic data reconciliation in payment management under PSD2 without having to apply for a separate registration as an account information service at BaFin, JustOn has been using figo’s RegShield since December 2018.
Via Passporting, the company is preparing for the Europe-wide rollout
For three months, Hamburg-based FinTech figo has been a payment institution supervised by BaFin, permitted to offer account information (AIS) and payment initiation services (PIS) – to date the only company in Germany with such authorisation. In the context of the licence, the company has been granted permission to offer a ‘licence-as-a-service’ model: figo RegShield makes it possible for partners to offer their services without having their own registration or licence from BaFin, despite PSD2. In early November 2018, the product went live, with third-party vendors already using the capabilities of RegShield and the first PSD2-compliant services in Germany being conducted with figo.
More than two years ago I started a blog and shared my experiences with other third party service providers, what it means to adjust to the new PSD2 obligations. Among other things, I explained in three parts from June 2016 to September 2016 what is important for the remaining preparation time until a BaFin licence application. Where do we stand now?
15,000 euros in prize money, 30 hours of coding time, 24 pitches, 16 sponsors, 7 APIs, 5 winners, 4 theme tracks, 3 days, 2 photographers, 1 camera team and the world’s best barista …
… – all told, that’s exactly what you need to describe the sixth Bankathon, which returned to Frankfurt, with interest in the FinTech and banking hackathon continuing unabated. With the TechQuartier as a location for coding and the Handelsblatt ‘Bank Summit’ as a partner for the final pitches, the orga team was able to offer participants and guests exactly what the Bankathon stands for: a platform where the traditional banking world meet industry newcomers at eye level and have meaningful interactions. Here is a detailed recap of the event including teams.
Today, we introduce Silver Sponsor ti&m – which stands for technology, innovation & management. The Swiss IT company was founded in 2005, employs more than 300 people and is a leading player in digitization and security products as well as innovation projects. Bankathon #6 marks their debut as a supporter and we are really happy to have them on board!
Follow Marco Berg’s, Managing Director at ti&m, call and seize Bankathon #6 in Frankfurt as the perfect opportunity to connect with other innovators.
The Association of German Banks is Special Supporter of Bankathon #6 and thusly on board for the second time in a row. The advocacy group of German private banks, headquartered in Berlin, represents around 200 credit institutions and has 20 extraordinary FinTech members – one of them is figo!