Approval as payment institution (PSD2)

Shaping the Digital Transformation – Using the opportunities of Open Banking with PSD2 Approval

Open banking is becoming a reality: The PSD2 regulation of the European Banking Authority (EBA) will enable not only banks to offer payment services to their customers. Any company can become a payment institution once it has been approved by the EBA. But what are the opportunities and challenges associated with the new Open Banking business models?

What you need to know - the most important information at a glance

  • With entry into force of the "Payment Service Directive 2" (PSD2) of the European Banking Authority (EBA) on 13 January 2018, not only banks but all companies will have the opportunity to become providers of payment services. Companies can, for example, offer their customers new services based on their customers' account information.
  • At the same time, all companies that provide payment initiation services and account information services will be placed under the supervision of the regulatory authorities (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin).
  • Providers of payment services must therefore apply to BaFin for approval or registration in a separate procedure.
  • The concrete application for authorization or registration can present obstacles, as the supervisory requirements are comprehensive; in addition, numerous conceptual questions have to be answered during implementation - this can become a challenge especially for non-banks, which are not already subject to banking supervisory regulations, or for small companies.
  • Whether you are already a financial services provider or not - we at 4C GROUP AG support you with our approval readiness package that ensures effective and efficient compliance with supervision requirements for approval as a payment institution. This way you can quickly take advantage of the opportunities offered by Open Banking business approaches.

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Our experts for approval as payment institution (PSD2)

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Dr. Heiko Mauterer
Daniel Lovric
  • Regulatory Management – Next Generation Technology Solutions – RegTech

  • Systematic and process-oriented control of compliance