In today´s episode we are delighted to welcome Cornelia Schwertner. She is Head of Regulation at figo where she deals with issues regarding the implementation of the PSD2 and the so-called RTS SCA.
RTS, Screen Scraping and BILD headlines. This is what it´s all about:
What exactly are “RTS SCA and Secure Communication under PSD2”? What is Screen Scraping and how are RTS linked to it? Why should an APIs provider deal with them regarding payment transactions? Does the platform need permission, in order to ask their customer to provide me with their bank´s payment details /PSP? Does FinTech need permission, if they want to offer their customers aggregated account details in the form of an app? If so, are there any alternatives to avoid this? And how can companies like figo help such players?
Should a worried consumer really rely on the sensational headlines of a German tabloid with a broad reach and fear for their bank details? Should consumers quickly withdraw all their money and store it under their mattress now? Or are sensational headlines like this missing the heart of the matter and there is no point in worrying?
I discussed these points and more, including what else we have to expect regarding RTS with Cornelia in our new Episode 15 of PayTechTalk. Enjoy!
About Cornelia Schwertner:
Cornelia Schwertner worked as a commercial lawyer in the Consulting Department Forensic Services at PwC. There, she advised various banks regarding the clarification and prevention of fraud, money laundering and violations of financial sanctions. After working as an anti-money-laundering and anti-fraud representative in the financial services field, she went on to the banking service provider and fintech figo GmbH as their Head of Regulation in early 2016. There, she is responsible for the implementation process of the PSD2 from a market point of view and is preparing figo for being licensed as a payment institution. Since early 2017 she has also been a board member of the European FinTech Alliance. The EFA was founded in 2016 and as a growing group represents the interests of FinTech companies facing EU institutions.
The figo platform offers an easy integrable API, which allows companies (especially banks and fintechs) to aggregate bank data in various applications – always with the end user´s permission. Within the context of pursuing a PSD2 permit, figo wants to keep enabling their partners without license/registration to make use of bank data for their customers in the future. Furthermore, figo helps banks with implementing PSD2-API-obligations and “premium-APIs”.
Figo on Twitter: @figoAPI
PSD2 and implementation deadlines: Frank´s entry on PSD2 and implementation deadlines
Documents of our presentation for the BaFin Event: https://www.bafin.de/SharedDocs/Veranstaltungen/DE/171205_NeufassungZAG.html
European FinTech Alliance:
- The figo Progress-O-Meter (status oft he process, how the final RTS are being created): http://bit.ly/updated-PSD2-RTS-Progress-O-Meter
- The figo Change Log regarding the most recent RTS content comparatively: http://bit.ly/ChangeLog3
- The figo Opinion regarding the most recent Kommissionsfassung of the RTS: http://bit.ly/rts_opinion
- The figo Product on “License as a Service”: https://www.figo.io/regshield/
- figo talks PSD2 Podcast #9: PSD2 and new obligatory supervision – what do I need to do now? With Cornelia Schwertner: http://bit.ly/neueAufsichtspflichten
The original podcast is in German.
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