Kassel. 13th of January was the BaFin (Federal Financial Supervisory Authority) closing date for applications regarding registration and authorization for Account Information Service Providers (AISP) and Payment Initiation Service Providers (PISP). Having delivered its application, fino now undergoes the authorization process.
fino has been focussed on the application in advance and founded the company “fino run GmbH” in December 2017 especially with a view to the PSD2 implementation and the BaFin regulation.
The independent subsidiary brings many advantages. On the one hand, it efficiently streamlines and bundles all activities concerning operations, service and regulatory matters; on the other hand, it continues to allow product development in the previous companies to be dynamic and fast. Dynamism, innovation and regulation are no contradiction: “We even perceive the BaFin regulation as an innovation booster! As AISPs and PISPs, we act with more aim and take another step towards being on eye-level with our partners”, says Florian Christ, CEO & founder of fino.
As a subsidiary of fino create GmbH, which was founded in July 2017, the division between development and traditional operations in the Kassel-based FinTech company is accentuated even more. Because the previous companies fino create GmbH (Think Tank) and fino digital GmbH (Switching Services) don’t get into close contact with customers or their data anymore, they are accordingly able to use streamlined structures and procedures.
What changes for fino’s partners?
Regarding the manner of collaboration, nothing will change. All fino services will operate and proceed as normal. The usual high standards of transparency and security will be strengthened even more thanks to PSD2 and the BaFin implementation.
fino outgrows national borders
With the founding of fino run GmbH, fino further expands its role as innovative FinTech enterprise. In the next step, the new company will advance its own internationalization. That means that collaborations with companies, who want to use a regulated and competent partner for the operation of their products outside the federal republic, can also be supported in future.
fino started in 2015 with a staff of five. Today, the team works with over 100 employees in the three locations Kassel, Hamburg and Lübeck on a broad portfolio of digital products and services for clients from a banking and insurance background, as well as for end consumers. The companies counting on fino’s solutions include German and international credit institutions like Commerzbank, Sparkasse, Volksbank, insurances like R+V and other large enterprises like DATEV, SCHUFA, B.Braun, and the Lufthansa offspring Miles&More.Back