BaFin grants fino permission to render payment release and account information services


fino is one of the first FinTech companies in Germany to receive permission from the BaFin (Federal Financial Supervisory Authority) to directly release payment procedures and provide account information services in future. The elaborate compilation and evaluation regarding implementability took place completely without external help. Aided by the Second Payment Services Directive – PSD2 in short -, the EU strives to make internet payment processes more convenient, cheaper and, above all, more secure.

Since the 9th of July, fino has been certified in accordance with the Second Payment Services Directive PSD2. The BaFin granted permission after an almost two-year long internal process that included the legal evaluation of all employees, products and security measures.

Founder and CEO of fino, Florian Christ, says: “That we successfully concluded the process entirely internal is not a matter of course. That’s why we see this BaFin issuance is a confirmation that we will also be successful on our path in the future.”

The PSD2 directive is supposed to encourage competition in payment transactions and standardize payment products by unifying existing regulations for banks and payment service providers. This will lead to more transparency and fair competition. In the end, the implementation will bring more security for the consumer. With this permission, fino will continuously be able to offer their existing and new customers innovative products and services in future.