About the Company
Consumers demand convenience, want user-friendliness, recognize the added value of context-based banking, and are getting the freedom to decide in which services they want to use their bank data – neutral services outside the classic banking world are more popular than ever before: the seemingly inseparable connection of banks and “banking” is breaking up! In its place, figo has become Europe’s first banking service provider. In this context, with the intrinsic motivation of users and external factors such as the new EU Directive Payment Services Directive 2 (PSD2), figo’s ‘Banking as a Service’ platform is an efficient and effective solution provider.
With its business model, the Hamburg-based B2B company has opened the doors to the banks and is a company unlikely most any other in this new open banking world. Data from 3,200 financial sources such as bank accounts, credit cards, deposits, PayPal and FinTech companies can be reached via figo, with more to come. The PSD2 itself outlines a successful concept for the infrastructure provider. One aspect of the new EU directive is the Access to Account (XS2A), which requires banks to make bank data available to so-called third parties. With its multifunctional platform technology, figo provides technical solutions for complying with XS2A, meaning banks do not have to develop this interface themselves. The extensive management functions of this tool include all regulatory requirements. Banks can also use the figo ‘Banking as a Service’ platform to create their own innovative products themselves.
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