RegComp

Get access to bank account information and leave the compliance-related duties to us!

Do you want to get online accesss to bank account information and use that information to deliver better and more efficient service to your Customers?

Do you want to spare your Company efforts from dealing with regulatory duties which could easily take up several months of preparation and extensive documentation?

Our RegComp service is for you! The compliance-as-a-service offered by the first account information service provider registered at the Central Bank of Hungary. Start exploring PSD2-related business opportunities today!

How does RegComp work?

  • Your Customer is redirected to Aggreg8’s site and uses account information services offered by Aggreg8.
  • Our information-sharing service - based on your Customer’s consent – ensures the sharing of the already accessed bank account information between Aggreg8 and your Company.
  • Account information service provider registered at the Central Bank of Hungary


Your App/Webpage

How does RegComp work?

PSD2 opens up the banks’ data vault, hence new players can get access to this huge amount of information. At the same time, PSD2-related services are strictly regulated and new players are required to complete a registration/authorization process with the national financial authority.

If you wish to save your Company’s resources, then the Aggreg8 RegComp service is the right choice for you!

The contractual model – approved by the central bank - and our RegComp service offers the right solution to your Company to be exempt from regulatory compliance on your own, while still taking the full advantage of PSD2.

Who is this for?

For every service provider who wants to explore the business opportunities provided by PSD2 and therefore falls under the scope of regulatory compliance requirements.

The obligation arises as soon as you wish to offer your PSD2-related service; the registered financial institution status must be acquired before the service is launched. The registration process requires extensive know-how and regulatory experience; overall the process takes several months even with having a well-prepared team on board. If you wish to save your Company from having to build up compliance know-how and resources that have nothing to do with your core business, then the Aggreg8 RegComp service is for you!

Why is regulatory supervision necessary?

Rules of PSD2 require that the opening of banking data will take place under strict rules and will provide access for third-party players supervised by the financial authority.

Since the entry of PSD2-regulation (13 January 2018) every service provider who aims to get access to banking data as account information service provider is required to register itself with the local central bank (MNB in Hungary) as financial institution.

Contractual model and customer journey

The legal compliance is provided by Aggreg8’s RegComp service. This operational and contractual mechanism has been approved by the Central Bank of Hungary (MNB), hence fulfills the respective requirements related to the access, processing and handling of bank accoun data.

In respect of Aggreg8’s RegComp service, your Company, your Customer and Aggreg8 enters into a three-party contractual relationship, as follows:
  • Your Company (Service provider) want to use/integrate your Customer’s (Acccount holder) bank account information into your Company’s business processes and/or enhance their product-/service-proposition with that information.
  • Your Company (Service provider) decides to use Aggreg8’s RegComp service in order to get access to the Customer’s bank account information.
  • Therefore, the Customer contracts directly with Aggreg8 and entitles Aggreg8 to get access to the his/her bank account information.
  • Therefore, the Customer contracts directly with Aggreg8 and entitles Aggreg8 to get access to the his/her bank account information.
  • The Customer can manage, change, revoke the given consents in respect of the information-sharing service between Aggreg8 and your Company, as part of his/her contractual aggrement with Aggreg8.