Get newsletter

Be the first to receive the latest news about Numbrs.


Numbrs goes PSD2

The new EU Directive PSD2 (Payment Service Directive 2) will come into force in Germany on 13 January 2018. From this point onwards, banks must make a publicly accessible interface (so-called APIs) available, which third parties such as FinTechs could use to view account data and initiate payments. The new Directive’s aim is to promote innovation, competition and security, as well as to reduce transaction costs.

However, the PSD2 includes both rights and obligations for FinTechs. There are licence and registration requirements for FinTechs in Germany, without which their business activity can be prohibited by the Federal Financial Supervisory Authority (BaFin). The majority of FinTechs will be subject to this PSD2 regulation in Germany in the future and will have to go through lengthy, bureaucratic audit processes. This also applies to Centralway Numbrs.

This is why we have been preparing intensively for the PSD2 regulation for several weeks and have been implementing BaFin’s obligations and requirements internally. For example, these include:

The amount of effort put into this is enormous and can be achieved only by employing lots of staff. The effort required for this is associated with additional staffing costs. It is for this reason that smaller FinTech startups will find it especially difficult to satisfy the complex requirements and obligations of the PSD2 regulation.

The liberalisation and intensification of the competition which comes with the PSD2 will accelerate digital change in financial services. On the other hand, the licence requirement may also mean that some FinTech startups that do not obtain or cannot afford a licence will disappear and the user would have switch to another app.

We will only find out the practical repercussions of the advantages and disadvantages once the PSD2 regulation comes into force. Centralway Numbrs will comply with the rules and regulations of the BaFin in any case and has the goal of being completed PSD2-regulated by January.


July 2021

June 2021

May 2021

April 2021

March 2021

February 2021

January 2021

December 2020

November 2020

October 2020

September 2020

August 2020

July 2020

June 2020

May 2020

April 2020

March 2020

February 2020

January 2020

December 2019

November 2019

October 2019

September 2019

August 2019

July 2019

June 2019

May 2019

April 2019

March 2019

February 2019

January 2019

December 2018

November 2018

October 2018

September 2018

August 2018

July 2018

June 2018

May 2018

April 2018

March 2018

February 2018

January 2018

December 2017

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017