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PayTechTalk 58 – Deposit business | FinTech online course #12

Deposit business | PayTechLaw | FinTech online course | sutthinon602
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Payment institutions and e-money institutions collect funds from their customers and hold these funds – sometimes for longer periods. Actually, in order to collect third party funds you need a license from BaFin for the deposit business. There are exceptions to this rule for payment services and e-money. However, it is not entirely clear how the deposit taking business differs from collecting funds as a payment service provider.

As this issue is very important in practice, I spoke to Dr Hugo Godschalk about the differences between a deposit, e-money and credit balances on a payment account. We also looked at the question of whether you have to be a bank to offer a current account. Finally, we also discussed proposals for legislators on how they could ensure a clearer distinction between deposits and the processing of payment transactions in the future.

Enjoy PayTechTalk 58 (the podcast is in German).

 

LINK TO THE HOMEPAGE OF THE FINTECH ONLINE COURSE

 

Cover picture: Copyright © Adobe/ sutthinon602

 

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Christian is a lawyer and partner at Annerton law firm (Munich office). He has over 15 years of professional experience advising German and international clients on banking, regulatory and payment law, including anti-money-laundering law.

Hugo is managing director and founder of PaySys Consultancy in Frankfurt am Main. Since 2000 PaySys Consultancy represents the European Payments Consulting Association (EPCA) as German founding member. He initiated the Prepaid Verband Deutschland (PVD) as platform of the prepaid industry in Germany.



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