DLK Legal advised KG-TECH on becoming an AIS service provider
DLK Legal advised KG-Tech sp. z o.o. , with its registered office in Wrocław, on obtaining a license for a provider of the Account Information Service (AIS) and entry into the register kept by the Polish Financial Supervision Authority. The DLK Legal team was led by attorney at law Szymon Zych under the supervision of associate Krzysztof Korus, PhD. In addition, lawyers provided advisory services on the following project: Mikołaj Cegłowski, Aleksandra Księżak and Michał Mostowik, PhD.
Advisory services to KG-Tech included a strategic approach to the way payment services are provided as well as preparation of an application and legal advice in the proceedings before the PFSA. KG-Tech is the fourth entity to gain entry into the register of AIS-only providers kept by the Polish Financial Supervision Authority, and the second entity represented by DLK Legal. KG-Tech is part of Kaczmarski Group, a group of companies specializing in providing solutions ensuring financial security of entrepreneurs and consumers, including management of economic information. The group includes, among others, the National Debt Register, the leader of the economic information market in Poland.
– The project constitutes proof of the growing interest in open banking services from outside the digital payments industry. On the other hand, in the case of entities in the payments sector, the lack of AIS and PIS privileges may affect business opportunities in the future – comments Krzysztof Korus and adds: – The KG-Tech project marks the symbolic closing of a very good year in 2020 for the financial licensing practice of DLK Legal, as the firm successfully advised clients on obtaining all types of licenses in compliance with the payment regulations: electronic money institution, payment institution, AIS provider and small payment institution.
The account information access service is one of the two new payment services regulated under the PSD2 Directive. It involves accessing information about the customer’s online payment accounts (e.g., their bank accounts or electronic wallets) and consolidating the retrieved data to fulfill a purpose agreed upon with the user (e.g., to evaluate their financial situation). The account information is retrieved using the access channel of the institution holding the accounts. Although the PSD2 regulations require “only” registration by the AIS provider (and not licensing as in the case of banks or payment institutions), in practice, the scope of requirements and the nature of the proceedings are similar to licensing procedures.
DLK Legal advised Kontomatik in proceedings before the Polish Financial Supervision AuthorityDLK Legal advised Kontomatik in proceedings before the Polish Financial Supervision Authority
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Implementation of the AIS mechanism to assess creditworthinessImplementation of the AIS mechanism to assess creditworthiness