DLK Legal advised Kardynał&Kardynał in obtaining a permit to provide PIS and AIS services

DLK Legal advised Kardynał&Kardynał sp. z o.o. in obtaining a permit from the Polish Financial Supervision Authority (PFSA) to render the payment transaction initiation services (PIS) and account information access services (AIS) in the capacity of a domestic payment institution. The DLK Legal team was led by legal counsel Bartosz Wyżykowski under the supervision of associate Krzysztof Korus, PhD. The project was further advised by Szymon Zych, attorney at law, and the following lawyers: Bartosz Gauza, Aleksandra Księżak and Mikołaj Cegłowski.

The advisory services to Kardynał&Kardynał included comprehensive preparation and implementation of documentation and internal procedures necessary for operations of the domestic payment institution as well as drafting an application and providing advice in proceedings before the Polish Financial Supervision Authority. Krzysztof Korus, J.D., Associate, Founder of DLK Legal states: “The obtained permit is the first license in Poland covering exclusively new PIS and AIS services. It proves that the value of open banking services is also recognized in business models outside the strictly financial sector. Even though it is always a challenge, as it involves meeting a number of requirements concerning a complete license for the domestic payment institution, TPP services have great business potential”.

Kardynał&Kardynał is an accounting and bookkeeping company. In 2018, the company was recognized by Forbes magazine as one of the fastest growing companies in the Lubuskie region. The company intends to leverage PIS and AIS services to provide clients with the most innovative accounting service solutions. TPP licensing allows to respond to the technological challenges of a highly competitive business environment.

The payment transaction initiation service and the account information access service are the two new categories of payment services regulated under the PSD2 Directive. Both services are usually rendered using a special interface provided by the bank that holds the user’s account. PIS and AIS enable the development of new products and services based on the initiation of payment transactions and the processing of user account data.