PSD2 Enables Innovative Services
Using FinTecSystems enables you to automatically make account information that was previously only available at your bank available to other companies.
FinTecSystems – A Portrait of the Company
These Partners Use the PSD2 License of FinTecSystems
FAQs – These Are the Most Frequently Asked Questions
What Information Is Requested From My Account and Why?
The type of account access by FinTecSystems depends largely on what the query is used for. For example, account queries are necessary for online loan applications, when using personal finance management apps and accounting tools or when performing an online bank transfer – to name just a few very popular use cases. With the Online Credit Application, a one-time access to account data of a bank account, a credit card or a Paypal account is granted to obtain an electronic bank statement. This contains data that is necessary for a credit check according to bank standards and is forwarded to the provider of the online credit. Users of an app for Personal Finance Management or an accounting tool usually have to integrate several accounts. For this purpose, temporary access to account data of a bank account is granted with the aim of retrieving an electronic account statement so that it appears in a PFM app or accounting tool. FinTecSystems thus realizes the multiple retrieval of account transactions without requiring the account holder to login again. With the Online Transfer in turn, a transfer can be set up by a single access to the online transfer function of a bank account, taking into account important and partly prescribed risk and fraud criteria.
What Happens With This Data?
Application case online credit application: The initial account view is integrated in the credit application process and the scope of analysis is specified by the provider of the online credit (e.g. a direct bank). If a credit check is performed in the credit application process, the user, i.e. the applicant, is prompted to log in to his online banking. After the successful login, the credit provider is provided with the desired results for retrieval.
Application case Personal Finance Management App or accounting tool: The provider of the apps and tools has various functions available for the creation, administration and use of the apps and tools. These are usually account aggregations, i.e. several accounts of the user are integrated in one app or software. All account queries by FinTecSystems serve to synchronize the account information in the respective applications. Use case online bank transfer: At the initial call by the provider of the online bank transfer (e.g. an online merchant) the basic information of the payments (amount, currency, purpose, receiving account) to be executed on the online banking account is specified. The user, e.g. the online buyer, is then requested to log in to online banking. After the successful login, account selection if necessary and TAN entry by the customer, the SEPA credit transfer is initiated in the background.
Does Fintecsystems Sell My Bank Data?
FinTecSystems takes data protection and privacy very seriously. At no time will the access data or the bank data be stored or passed on unencrypted.
How Safe Is My Data?
The access is to the online banking and can only be done with the personally known PIN’s, TAN’s, mobile devices etc., which are only valid once and cannot be used afterwards. The entry is made exclusively via the secure form of FinTecSystems. The data is transmitted via secure connections. FTS carries out the service as a technical service provider.
Can I Forbid My Bank to Allow FTS to View My Account?
Is What Fintecsystems Does Even Permissible?
Yes, all services that FinTecSystems provides on behalf of banks and financial service providers are legitimized by the PSD2 (2nd European Payment Services Directive) at European level and by the ZAG (Payment Services Supervision Act) at national level. Both laws stipulate that regulated third party providers may access the user’s account with the user’s express consent in order to obtain account information or to initiate payments. The corresponding permission to offer these services in Germany and Europe as a regulated third-party provider was granted to FinTecSystems in March 2019 by the German Federal Financial Supervisory Authority (BaFin). Before viewing the account, the user is also actively informed about the terms and conditions and the data protection information and must expressly agree to them.
Why Do I Need a TAN to Login to My Account?
The so-called two-factor authentication by means of TAN ensures that the user is actually the authorized person who has given his consent to the transfer of funds or access to his account information at that moment. Strong customer authentication is a very secure and EU-wide requirement regarding the type of authentication for online payments or login to online banking.
Highest security through certified data centers