Deutsche Börse and its post-trade services provider Clearstream will partner with Germany’s figo and Luxembourg-based regtech start-up Finologee to create a fintech acceleration platform, reports Antony Peyton of Fintech Futures, Finovate’s sister publication.
The new platform will enable established players and new digital firms to distribute and use each other’s services to ideally make more money.
It will allow access to Deutsche Börse’s market and reference data as well as functional services via APIs.
Marc Robert-Nicoud, CEO of Clearstream, said it brings together the “know-how and innovation capacity of an established market infrastructure with the innovative models and flexibility of strong fintech start-ups” and “can contribute immensely to developing new interaction, collaboration and monetization models”.
The first services offered by third parties will be an access to account gateway for banks for the second Payment Services Directive (PSD2).
Deutsche Börse has been cooperating with banking services provider figo since 2016.
The new partnership with Finologee is targeted to serve particularly the Luxembourg market with the “first end-to-end PSD2-compliant payment solution”. In addition, Finologee will contribute to the architecture and development of the platform software layers as well as further partnerships.
Clearstream contributes its IT infrastructure design and regulatory compliant operations, as well as several software components to run the API marketplace for Deutsche Börse.
First deployments on the platform are currently being evaluated. Among them are a number of offerings, including Budget Insight, IDnow, AriadNEXT, Governance.com, Jemmic, and KYCTech.
The platform is in the pilot phase and will be first offered as a development environment to allow testing and coding.
Further applications at this piloting stage will be Finologee’s identification and consent automation product.
Figo expands the portfolio with its PSD2-related RegShield for non-banks and PSD2 enabler for banks as well as several Clearstream and Deutsche Börse services.
The launch is targeted for the fourth quarter of 2018, subject to regulatory approval.
Founded in 2012 and headquartered in Munich, Germany, figo demonstrated its banking and payments API at FinovateEurope 2013. figo has raised more than $11 million (€10.1 million) in funding. Andre Bajorat is co-founder and CEO.