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FinTech Hackathons – PSD2’s best friend? (ep. 4 of figo talks PSD2)

Episode 4 of figo talks PSD2 podcast – it’s English!

logo figo talks PSD2 episode 4: FinTech Hackathons - PSD2's best friend?

FinTech Hackathons – PSD2’s best friend?

Today we will premiere the English version with a guest from UK’s Starling Bank – Megan Caywood, Lars Markull (API Evangelist @figo) and Nadja Schlössel (Global Strategy and Brand @figo) talking about the Hackathon / PSD2 relationship.

We will talk about:

  • Why Hackathons?
  • What does a Hackathon have to do with PSD2?
  • What are the best solutions ever invented at the figo Bankathon or a Starling Bank Hackathon?

This is the premiere of ‘figo talks PSD2’ podcast in English!

We are very happy to announce that we are now also ‘talking the PSD2’ in a language that most of you Europeans are able to understand. And that is not German, but English!

But first things first. We would like to give you a brief introduction of what ‘figo talks PSD2’ is.

What it is.

Knowledgable. Entertaining. Questioning. Answering. Discussing..


For 20 minutes experts talk about a – somehow – PSD2 regulation related topic. Tech, philosophy, security, let us surprise you! You will find your topics too.


Every topic will be covered by two or three experts. It could be figos or guests from the community (Banks, FinTechs, Developers and other people with knowledge to share). We will select the relevant experts and ask them to do the PSD2 dance with us and for you.

For whom?


figo is FinTech of the Year 2016

figo is FinTech of the Year 2016

From left to right: Chris Scheuermann, Heiko Rahlfs, Nadja Schlössel, Florian Schabl, Jonas Konstandin, Jochen Siegert and Lars Markull

The Hamburg banking service provider won over an expert jury in the “Later Stage” category

For the third year Paymentandbanking has presented the “FinTech of the Year” award, this time with more than 100 FinTech start-ups submitting applications, from which the jury selected 75 companies for the competition. For the first time the organisers divided the competition into two categories – “Early Stage” and “Later Stage” — with the jury awarding winners for each. But the public was also asked to vote for their personal “FinTech of the year 2016” in both categories, meaning four winners were on stage at this year’s EXEC conference in Berlin. And what could have been more suitable for the award ceremony than a class reunion for the FinTech industry?


ding winners for each. But the public was also asked to vote for their personal “FinTech of the year 2016” in both categories, meaning four winners were on stage at this year’s EXEC conference in Berlin. And what could have been more suitable for the award ceremony than a class reunion for the FinTech industry? (more…)

PSD2 is targeting all of Europe – so does Bankathon!

When in early 2015 we were looking for a place or association for FinTech developers we couldn’t find any. But we knew how crucial this was for the development of the industry. As meetups or conferences tend to be a little less attractive for such a target audience, we knew a hackathon focused on FinTech would be required: the idea for the first Bankathon was born!


figo’s ‘xs2a enabler’ offers banks the answer to the PSD2

Banks can use figo’s platform technology to integrate existing XS2A solutions into their own systems

In 2018, the Payment Services Directive 2 will be made national law SEPA-wide. After months of controversy and polarising debate, banks and FinTech companies can see positive but challenging conditions to come. Third parties will gain the right to access banking data from bank customers. At the same time, banks will have to fulfill the ‘access to account’ (XS2A) requirement, open their infrastructure and grant third parties access to account data. In this way, users will be given the freedom to use their own data in the services of their choice. They can decide on the context for their banking experiences. For many financial players, the PSD2 and the related XS2A issue raise questions. But figo already has the technical answer with its xs2a enabler! (more…)

FastBill starts the new series #figoInside

As a provider of a ‘Banking as a Service’ platform, we are lucky enough to come into contact with a lot of new ideas about banking every day. Today, consumers can already use more than 50 different solutions based on the figo technology. Some of them are very well-known, others somewhat less. Each partner has its own story. In our series #figoInside, we would like to introduce our partners and their use cases. (more…)

figo is API sponsor at #_hackNEXT: A hackathon for insurers and InsurTechs

What do insurance companies have to do with the ‘banking as a service’ platform?

Insurance and finance: two very different categories which apparently have little to do with each other. This is an opinion you often encounter. But the trend that finance-based services now no longer exclusively serve banks also creates advantages for the insurance industry. Even though there has been a clear separation between the two providers for the user up to now, the two topics share a necessary link. The hackathon for insurers and InsurTechs will show it! (more…)

Excursus – Why the EBA’s revised RTS on the XS2A interface might not be the best trade-off for the market

What EBA’s revised RTS stipulate with regard to the XS2A interface vs. screen scraping

With regard to the interface to be offered by banks under the PSD2 the revised Regulatory Technical Standards (RTS) stipulate the following:

  • Banks are obliged to offer at least one interface for Third Party Providers (TPPs) to fulfill the right to XS2A (Access to Accounts).
  • This means offering either a dedicated interface for TPP or providing access – in a PSD2 compliant way – to the interface used for identification and communication with the banks’ payment services users (what the EBA understands as direct access).
  • The EBA derives from the PSD2 that the existing practice of screen scraping will no longer be allowed once the RTS apply (i.e. November 2018 at the earliest).
  • After this period, TPPs can respond to an insufficient XS2A interface by bringing it to the attention of national authorities and by using alternative options to be provided by banks.


Cornelia Schwertner, figo’s Head of Regulation, is EFA Co-Chair

“We will grow the alliance and lead by example”

European Fintech Alliance (EFA) with new leadership from Germany and Finland

Chairman is Marcus Laube, CEO of Crossinx. Co-Chairs are Cornelia Schwertner (figo), Sascha Bross (Holvi) and Roman Keßler (Fintech Group). Next to the administrators and founders of the EFA, Dr. Marc Tenbücken (Hendricks & Schwartz) and Christian Wenning (Erste Lesung), a Permanent Legal Advisor, Frank Müller LL.M. from the law firm Aderhold, will help with all regulatory questions.


XS2A: Three bankers walk into the PSD2 lift …

XS2A Strategie Board

The PSD2 regulation comes like a thunderbolt! And with the regulation, end customers get sovereignty over their own bank data. For banks this means they will be obliged to free bank data from the bunker – the so-called Access to Account (XS2A) for payment accounts is striking like lightning. This gives customers the right, for the first time, to share their data with anyone who wants to use it. Banks have to manage the release of data to the outside. They have to open the gate technically. A common technical standard for this? Not a chance!

Giving up data? It is understandable that resistance is the first reaction of many on the banks’ side. The situation could be described as follows: (more…)