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.

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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.

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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…)

figo would like to thank you for a great 2016!

As the year draws to a close, we can look back on a number of highlights. That 2016 was such a successful and special one for figo was, of course, first and foremost due to our customers, partners, and supporters – in other words, you! (more…)

Excursus – My dear PSD2, it’s been almost a year …

My dear PSD2 …  

… it’s been almost a year since you stepped into our lives. We fell in love with you at first sight. You were the answer to our hopes for innovation in open banking, consumer freedom and for our legally watertight business models in what was once a rather uncertain area. We were attracted by your EU level-playing-field character, your empathy for fintech use cases and your potential for fostering collaboration between banking incumbents and new market players.

Like in every good relationship your flaws have shown through the more time we have spent together. (more…)

Deutsche Börse acquires stake in figo

DB1 Ventures, the Corporate Venture Capital arm of Deutsche Börse Group, has participated in a Series B financing round for the Hamburg-based FinTech company figo GmbH and is investing a seven-digit amount for a significant minority stake. Further investors are reputable business angels from Germany. figo raised €6.8 million in total in the current financing round. (more…)

figo’s Bankathon proves it: PSD2 is already a reality!

Gewinnerteams, Jury und die Bankathon ModeratorenMake payments by instalments in every online shop. Impossible? Wrong! IntraBase shows how and takes 1st place at the Bankathon 2016

Take one event–the first Hamburg FinTech Week, one organizer – namely figo, 16 sponsors, nine media partners, six API partners, a 30-hour time limit, 85 ingenious programmers and product developers forming 21 teams, as well as over 200 participants at the Final Pitches. One of the biggest FinTech events that has ever taken place in Hamburg has finished, and believe it or not, the icing on the cake at Bankathon 2016 was the EU Payment Services Directive 2 (PSD2)! The task for the teams, who participated in the FinTech programming competition from 9 to 11 October, was based on the ‘Access to Account’ concept. To put it simply: the contestants had to include an existing bank account in their ideas and solutions. (more…)