Businesses whose service includes consumers’ account information or payment initiation need to be regulated under PSD2. RegShield spares you the enormous effort to obtain an own PSD2 license and gives you the legal protection to build your use case with the added value of integrating financial data or initiating payments.
The finleap connect RegShield offers you a strong partner with extensive PSD2 compliance expertise and an entire team that ensures that your service does not require its own BaFin registration or license. This saves you from having to build up compliance know-how and resources that have nothing to do with your core business.
Customer Journey
RegShield provides a user flow compliant with BaFin requirements. It is possible to adapt this to your individual use case.
1. Your end-users want to use your service including an account information (AIS) or payment initiation service (PIS). To do so, they switch to the finleap connect application.
2. The AIS or PIS process is carried out by finleap connect – a regulated payment institution under the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG) and therewith PSD2 compliant.
3. Back in your application, you can offer your customer the best possible service, based on the obtained account information or initiated payment.
Use Cases
We believe…that many non-licensed companies require access to users’ financial data to further enhance their offering to their users.
The problem…is that companies might require a user’s financial information to verify their bank account but without a license they are not legally allowed to acces that data.
Our solution…provides non-licensed companies with access to users’ financial data in a PSD2 compliant way and takes care of the maintenance of the license.
We believe…that many non-licensed companies require frequent access to users’ financial data to further enhance their offering to their users.
The problem…is that asking users to give access to a same company for the same purpose in many instances is not a pleasant experience.
Our solution…provides non-licensed companies with access to users’ financial data in a PSD2 compliant way and can do this in repetitive instances for the same user.
We believe…that many non-licensed companies are required to provide payment services within their offering.
The problem…is the need for online banking increases the bounce rate, so there’s a need for transactions to happen within your offering.
Our solution…enables your customers to make secure bank transfers from within your offering, helping to create seamless processes and enhance the user experience.
How does the RegShield work?
finleap connect is a regulated payment institution under the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz), granting finleap connect authorisation by the Federal Financial Supervisory Authority (BaFin) to provide account information services (AIS) and payment initiation services (PIS). Through a tripartite contract it allows customers to access transactions, account information and account balance of their users in a secure and compliant way!
Who can use it for what?
The RegShield is made for any company whose services falls under the national implementation of the Payment Services Directive 2 (PSD2), without an own registration/license as an account information service (AIS) or payment initiation service (PIS) with the Financial Supervisory Authority.
It can be used for one-time or ongoing account information services (AIS) and payment initiation service (PIS).
Key Features and Benefits
- Gives access to payment account data of the users in compliance with PSD2
- Saves costly and complex registration process for PSD2 license at BaFin
- Takes care of the maintenance of the license (requirements such as security and business continuity, internal and external audits, etc…)
- Provides legal protection to your business to access accounts in 10 countries
Interested? Contact us for more information!
Christian Hegeler
Head of Sales & Account Management
Phone: +49 40 228212710
E-Mail: inbound-connect@finleap.com