fino becomes a regulated payment institution according to PSD2

fino becomes a regulated payment institution according to PSD2

Application for permission submitted to BaFin as AIS and PIS

The 13th of January was the deadline for the submission of applications for registration and permission for account information service providers (KIDL) and payment initiation service providers (ZADL) at BaFin. With the submitted application, fino now passes through the permit process.

In the run-up, fino has focused on the applications and in parallel founded the company “fino run GmbH” in December 2017 for PSD2 implementation and BaFin regulation.

The independent subsidiary brings many advantages. On the one hand, it bundles all activities related to operations, service and regulatory requirements in a streamlined and efficient manner. On the other hand, it keeps product development in the previous companies dynamic and fast.

As a subsidiary of fino create GmbH, which was founded in July 2017, the separation between development and classic operations at Kassel FinTech is being sharpened even more. Since the previous companies fino create GmbH (think tank) and fino digital GmbH (exchange services) no longer come in contact with customers and their data, they can use correspondingly lean structures and processes.

What are the changes for our partners?

The way of cooperation will not change. The fino services continue to be operated as usual. The usual high standards of transparency and security will be further strengthened by PSD2 and its implementation by BaFin. We will inform the relevant departments promptly in the event of any contractual changes resulting from the future BaFin regulation. Future regulation is therefore a logical development step for fino.

If you have questions about fino run or the BaFin regulation, we are at your disposal!