Kategorie: Strategy

figo RegShield: The first PSD2-compliant product is live in Germany

figo RegShield: The first PSD2-compliant product is live in Germany

figo RegShield: The first PSD2-compliant product is live in Germany

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.
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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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figo talks PSD2 #11: PSD2 & Innovation – What’s in for the consumer?

PSD2 & Innovation - What's in for the consumer?

Let’s talk about how to use innovative FinTech solutions under PSD2 for the greater good for the consumer!

The guests of our 11th episode of ‘figo talks PSD2’ are Jana Koch (Head of Start-up Garage | comdirect) and Nadja Schlössel (Head of Product Strategy | figo). They focus on the effects of PSD2 from the consumer’s point of view.

 

What are the potential risks and opportunities, being born out of Open Banking? How will PSD2 enhance the competition and change the landscape?

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Deutsche Börse partners with leading FinTechs to launch FinTech Acceleration platform

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.

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EXEC 2018 Recap: Podcast of the Offsite Event hosted and recorded by Spotcap

Round Table: The Future of Financial Services

Spotcap Roundtable Discussion EXEC 2018

© Spotcap

 

You missed the round table discussion about the future of financial services during the EXEC 2018? Or you want to listen to it again? Spotcap recorded and published the podcast & we are happy to share it with you! Tune in!

 

 

Who were the panelists?

  • André Jerenz (Associate Partner, McKinsey & Co)
  • Julian Riedlbauer (Partner, GP Bullhound)
  • Nadja Schlössel (Head of Product Strategy, figo)
  • Milos Spiridonovic (Head of Startups@Berlin, Deutsche Bank)
  • Jens Woloszczak (Founder and CEO, Spotcap)

The discussion was moderated by Nadine Schimroszik, IT correspondent at Reuters.

What were they talking about?

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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…)

Regulatory Technical Standards made easy: New update on the figo RTS Change Log #3

Click on the pic to get the brand new, third update of ‘RTS Change Log’!

Now it’s almost done! The European Commission submitted the Regulatory Technical Standards for approval by the European Parliament and Council. Subject to the scrutiny period of three months, the rules will be published in the Official Journal of the EU and payment service providers will have 18 months to put the measures and tools in place.

In order to enable you to keep track of the financial changes, figo shares the third ‘RTS Change Log’ version with you! Simply click on the image!

figo_PSD2: Regulatory Technical Standards Change Log #3

We love to make your life easier by means of our technology and information on the related topics. So sharing our progress in keeping track of the changing requirements of relevant banking regulation feels like the right thing to do for us. Enjoy the convenience!

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figo talks PSD2 Podcast #8 – Bank the ecosystem!

Title pic of figo talks PSD2 Podcast episode 8: bank the ecosystemLet’s talk about the ecosystem model in banking!

We are back from a tiny summer breeze break! Happy to provide you with our first podcast after the little holidays break.

Today we are talking with Jamie Campbell from Bud, Lars Markull and Nadja Schlössel from figo.

In our bubble, it feels like everyone is talking about ecosystem models in banking. So we ask ourselves, is that just us, or are there more people outside thinking about how to successfully transfer the approach into the banking world. Short answer: We know we are not the only ones. Numerous talks to banks, strategy consultants and other players alike have proven the relevance of the topic. Also, the first banks are testing it out. So we invited Jamie Campbell from Bud to discuss the topic in more detail. (more…)

View the update on the figo RTS Change Log #2

Click on the pic to get the brand new, second update of ‘RTS Change Log’!

“We did it again! Now that we created our RTS change log in the first place – why not keep it up to date? The EBA just published its Opinion in response to the European Commission intention to amend the EBA Technical Standards. At the same time, it additionally published a version of the RTS that included its proposals for amendments.

In order to enable you to keep track of all these confusing changes from different parties we proudly present the RTS change log #2. Simply click on the image!

figo RTS Change Log #2

What’s the figo RTS Change Log?

figo shares the change log version of the RTS with you! Have you ever wondered about what was actually changed in the Regulatory Technical Standards defining the “technical how to” of the Payment Services Directive 2 (PSD2)? It’s a tough job to keep track of the ever changing “final drafts” of the RTS, right?

We love to make your life easier. With our technology and the related topics. So sharing our progress in keeping track of the changing requirements of relevant banking regulation feels like the right thing to do for us. Enjoy the convenience!

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