Kategorie: Strategie

figo receives ZAG licence and enables ‘Licence as a Service’ through RegShield

Hamburg FinTech is a payment institution regulated by the BaFin in accordance with PSD2

As of 16. August 2018, it’s official: figo GmbH is now a regulated institution under the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG), granting figo authorisation by the Federal Financial Supervisory Authority (BaFin) to provide payment initiation (PIS) and account information services (AIS), which have been regulated since the beginning of the year.

At the end of 2015, figo set its focus on fulfilling regulatory requirements as soon as the new licensing requirements for the Payment Services Directive 2 (PSD2) became known. This licence as a payment institution is the natural consequence of a consistent focus on security, transparency and compliance. figo saw early on that the consistent rules offered by the regulation were an opportunity not only for their own business model, but for the entire industry, leveling the playing field.

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The figo Bankathon is getting its own spinoff: BANKATHONx

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.

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‘Licence as a Service’ – PSD2 solution powered by figo

With RegShield, figo plans to help third parties with new authorization 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…)

Bankathon: The original goes to Austria as well as Central and Eastern Europe

From 29 to 31 May 2017, individual developers and representatives of startups and banks will dedicate themselves to the motto “PSD2 and beyond”

  • Viennese FinTech start-up IntraBase is the co-organiser of Bankathon CEE
  • Pioneers Discover lets the winning team pitch their ideas at one of Europe’s largest start-up events
  • T-Mobile is the host and provides optimal infrastructure for a hackathon

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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…)

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…)