PSD2 LICENSE FROM FINAPI
Save the effort of applying for your own PSD2 license
Here are some things you won’t have to do:
- No preparation of the 100+ page application
- No purchase of additional professional liability insurance
- No provision of liability capital
- No additional internal and external audits
- No demonstration of compliance with strict security requirements for operational processes and data protection
- No management and reporting of security incidents
- No demonstration of compliance with money laundering guidelines and establishment of processes to prevent fraud
- No regular reporting to regulators
Use finAPI's PSD2 license to access end-user accounts
To enable you to access end-user accounts, finAPI offers the PSD2 license as an add-on for account information and/or payment initiation services. The PSD2 license Add-on includes the functions required for using account information and/or payment initiation services via the finAPI web form.
PSD2 license "lite" for accessing own accounts with finAPI web form
For convenient, inexpensive and secure access to your own accounts, you can use finAPI Webform. You benefit from fast integration into existing systems, ease of use and responsive design, among other advantages.
PSD2 License as a Service
Your advantages of using the finAPI license
- Saves costly and complex PSD2 licensing and registration with BaFin
- RegShield for PSD2 compliant payment services
- Licensed payment initiation service
- Registered account information service
- Licensed for payments in accordance with the Payment Services Supervision Act (ZAG) and the PSD2 Directive
- Many years of experience in the financial industry
PAYMENT SERVICES DIRECTIVE
Which companies need a PSD2 license (RegShield)?
Your business is affected by the PSD2 regulation if you:
- Provide a service online to consumers or businesses which displays or processes bank account data and/or enables payments from a user's bank accounts
- and if your service accepts bank account access data that enables online access to bank accounts
- and this access data can also be used to gain access to payment accounts, particularly current accounts.
What is an account information service provider (AISP)?
In short, an AISP is allowed to retrieve and process account information from bank accounts on behalf of customers. German law defines an AIS as follows: An account information service is an online service for communicating consolidated information about one or more payment accounts held by the payment service user with one or more other payment service providers (ZAG, paragraph 1, section 34).
What is a payment initiation service provider (PISP)?
In short, a payment initiation service provider (PISP) is allowed to initiate payments from bank accounts. German law defines it as follows: A payment initiation service is a service where, at the instigation of the payment service user, a payment order is initiated in relation to a payment account held with another payment service provider (ZAG, paragraph 1, section 33).
FIND OUT MORE
Do you have questions about the PSD2 license or finAPI web form?
Contact us. We will be happy to advise you.
Contact us
finAPI GmbH
Adams-Lehmann-Str. 44
80797 München
BaFin
Officially licensed and supervised by the German Federal Financial Supervisory Authority (BaFin).
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