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.
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?
Today, we introduce to you KI finance, Silver Sponsor of Bankathon #6. They were there right from the beginning of Bankathon in 2015 and with five supported events they are our record sponsor, together with Deutsche Bank!
The company is part of the KI group, its focus lies on agile product development and consultancy of banks. We are happy that KI finance is supporting Bankathon for such a long time already and look forward to extending this cooperation well into the future!
Main Incubator is Silver Sponsor of Bankathon #6. Not only their name and their location makes them a perfect fit for our event in Frankfurt, but also their purpose: To accompany and support FinTech companies from their founding to market entry of products and beyond. As the incubator of one of Germany’s biggest banks Commerzbank they are able to offer startups access to a lot of valuable resources in the banking world.
Deutsche Börse is Diamond Sponsor for figo’s Bankathon #6. It operates the largest of seven German stock exchanges and the world’s 10th largest stock exchange measured by market capitalisation – Frankfurt Stock Exchange.
This makes them the perfect fit as a sponsor for our Bankathon #6 in the beautiful Main metropolis. We are very happy to have them on board, not only as a sponsor, but also with their API and a participating developer team.
Today we present to you: Axway, Silver Sponsor of Bankathon #6! The IT company offers API management services also to players of the financial services industry. As such a provider Axway is the perfect fit for an API-driven event like the Bankathon! Of course, they make their API available to Bankathon #6 participants who can get creative with it.