RegComp

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.

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!

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.

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.