Competition between banks and also between banks and technology-driven companies, such as FinTechs, has intensified in recent years in response to changes in the payment landscape. Digital innovation is reshaping financial services and playing an increasing role in the processing of electronic payments and electronic banking, an area which is witnessing increasing competition from
In this environment, conventional payment products are frequently being tested or new technologies introduced, particularly the digitisation of payment products on mobile devices such as smartphones and tablets.
At GSK Stockmann, we have established ourselves in this dynamic market of new payment systems and electronic banking as one of the leading legal advisers, reputed for our specialised expertise in innovative payment processes.
Thanks to an in-depth knowledge of the market and its payment systems – which our lawyers have been able to demonstrate, not least by providing legal advice and assisting in legislative procedures as expert witnesses – we are able to provide expert advice and guidance on the development of complex and innovative payment systems and e-money products. We also provide advice on matters relating to the set-up and operation of payment systems and on all the regulatory aspects.
We also offer you our experience in the preparation of licence applications for payment and e-money institutions regulated under the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz, ZAG) and advise you on innovative payment products in cooperation models.
Bringing our expertise in payment standards under the Payment Services Directive (PSD 2) and the RTS (Regulatory Technical Standards) on strong customer authentication and secure communication, we regularly organise seminars for market participants, inviting external speakers who specialise in banking supervision and payment systems.