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Payment Services and Electronic Banking

In the area of payment transactions GSK advises businesses on banking supervision, contract drafting and on planning strategic business decisions including establishing new businesses.

  • Our advice resolves legal issues concerning payment transactions in connection with the establishment of a full bank as well as the establishment of specialized institutions (e.g. credit card institutions, payment institutions in accordance with the German Act on the Supervision of Payment Services (ZAG), e-money institutions). In this connection we also represent our clients before the supervisory authorities.
  • We support our clients with the legal aspects of developing new payment products and their classification for supervisory purposes (e.g. e-money products, prepaid and postpaid credit card products, innovative internet payment products). Our main areas of advice include drafting contracts for the use of such payment products in day-to-day and global payment transactions. We are as familiar with connecting and integrating our clients to the credit card world as we are with the legal particularities of online trading. 
  • In addition GSK advises on all matters concerning internet banking and e-payments (e.g. online transfers, e-brokerage, phishing).
  • Our spectrum of services in the field of payment transactions also includes representing clients in litigation. GSK has in recent years been able to gain solid, hands-on experience in forensics, particularly in representing major German banks in litigation involving bulk payment transactions (Litigation).

GSK's particular expertise in the area of payment transactions is underlined by the Firm's close involvement in the legislative procedure concerning payment transactions and associated legal issues (e.g. the German Act on the Supervision of Payment Services (ZAG), the reform of the German Civil Code (BGB)/payment services, data protection, money laundering).

Recently, GSK has represented the interests of a credit card interest group - which GSK advises on an ongoing basis on questions about banking supervision and banking agreements - in the legislative procedure for implementing the EU Payment Directive (Directive 2007/64/EC). GSK's lawyers also particularly act as speakers at symposia on the implementation of SEPA.