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.
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?
The Bankathon reaches half a dozen! The sixth edition of the FinTech- and banking-related hackathon will take place from 27 to 29 August 2018 in Frankfurt am Main, this time as part of the Handelsblatt Conference “Banking Summit”. The Bankathon brings together representatives of banks and FinTech, developers, industry experts and other interested parties. Based on prototypes developed there, they experience where the “open banking” journey, driven by the PSD2, can go. As an independent platform, the event is the perfect place for open exchange – free of any silo mentality. This is proven by the success it’s already had: after five events, a network of more than 1,000 developers has now been created around the Bankathon, and more than 400 participants have so far programmed around 100 creative solutions.
20 teams, 30 hours, €15,000 prize money
Whether individual developers, prospective founders or entire teams of startups and established companies – everyone is welcome and can prove their creativity in one of the themed tracks which debuted in Berlin and generate a variety of ideas and high-quality prototypes. The framework for the tracks is provided by the PSD2, which is also the topic of the partnering conference, “Banking Summit”. “Both events complement each other perfectly,” explains André M. Bajorat, figo CEO and Bankathon founder. “While experts at the conference are discussing how banks and banking will change in the future, teams at the Bankathon are developing implementation options for it in practice.” Exactly 30 hours are available to the participating teams to implement their ideas in the Frankfurt FinTech hub TechQuartier. The winners can look forward to a total of €15,000 in prize money.
Deutsche Börse Group and its post-trade services provider Clearstream will partner with Germany-based FinTech figo and Luxembourg-based RegTech start-up Finologee to create a common FinTech Acceleration Platform. The launch is targeted for the fourth quarter of 2018, subject to regulatory approval.
“Liquidity bottlenecks belong to the past.” Factoring provider Rechnung48 talks in our #figoInside interview
Factoring becomes easier – thanks to figo partner Rechnung48
This time, Matthias Bommer, Managing Partner of the Elbe Finanzgruppe and founder of the Dresden factoring company Rechnung48, joins us for the #figoInside interview. The startup, founded in 2014, offers freelancers, small and medium-sized companies and the self-employed an opportunity to pre-finance outstanding money from commercial customers quickly and easily – thus improving liquidity. The following interview will show Matthias Bommer‘s opinion about FinTechs, what advice he would offer bank CEOs and how figo makes factoring even easier.
figo is making it possible for banks, companies and anyone interested to organise their own FinTech hackathon tailored to their individual requirements: the BANKATHONx!
Want to increase awareness of your company? Make yourself known as an attractive employer? Become a master of innovation? Form new alliances?
👉 You can do all this and more with your own BANKATHONx. figo will design the event according to your aims and tailor it to your corporate strategy. Additionally, our team will support you with the organising, acquiring participants, marketing and implementation. As the host of a BANKATHONx, you’ll benefit from a well-known brand and attract the attention of an entire industry.
The beginning of our #figoInside series this year will be our partner easybill. Based in Kaarst near Dusseldorf, the company’s mission is to make life easier for its customers with a cloud-based online billing software: From invoicing and recording of incoming payments to automated accounts receivable management – easybill has thought of everything that saves time and nerves for the entrepreneurs.
The founder Philipp Gesell tells us what he thinks about FinTechs, banks and PSD2, how he came up with the idea of easybill and how users benefit from figo’s technology in the #figoInside interview!
With RegShield, figo plans to help third parties with new authorisation requirements
13 January 2018 was the day that the PSD2 became a reality and thus EU member states must comply. In addition to this, BaFin confirmed it on 5 December 2017 as part of the conference “Payment services in the field of digitalization and security needs”: ‘Licence as a Service’ models are basically possible under the Payment Services Directive 2 (PSD2)! This means: companies that offer or use payment initiation and account information services (PISP/AISP) today can also seek a regulated partner for this purpose under certain circumstances. For 2018, figo is aiming for its own payment institution licence (PISP and AISP) and plans to be a reliable ‘Licence as a Service’ partner in the market with the service product ‘RegShield’. figo partners will not have to apply for their own authorization! (more…)