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Federal Financial Supervisory Authority (BaFin) authorises ConCardis to operate as a payment institution
ConCardis, the leading provider of cashless payment solutions, was today officially authorised by BaFin to operate as a payment institution in accordance with the provisions of the German Payment Services Regulation Act (Zahlungsdiensteaufsichtsgesetz – ZAG). Based on an EU directive, this act was implemented by the German government on
1 November 2009. The aim of the new legislation is to create a uniform legal foundation for cashless payments in the European single market. The authorisation of ConCardis to operate as a payment institution applies in all 27 EU member states, thereby simplifying cross-border acquiring.
Until now, only lending and financial services institutions have been subject to state regulation. Now, payment services providers such as ConCardis also fall under this category and must apply to BaFin, which provides subsequent oversight, for official authorisation of their operations. “Our customers will also benefit from this”, explains Manfred Krüger. In future, the quality of our services will not only be guaranteed by us but also monitored by BaFin. Besides more security, the ZAG will create more transparency and competition.”
