Osborne Clarke advises Token Group on BaFin licence

Written on 13 April 2021

Osborne Clarke completed Token Group’ licence application procedure with the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) for a licence as the provider of payment initiation services (PIS) and account information services (AIS). Token Group, which already holds a licence in the UK, is now permitted to offer its services all across the EU and EEA.

Token is a London, Berlin, and San Francisco-based payment services provider which was founded 2016. It offers PIS (payment services like Sofort, Klarna or giropay) and AIS (as, e.g., used in multi-banking apps to show several bank accounts) to B2B customers. Token provides (online-)merchants and other payment services providers like banks with PIS and AIS via its own software (Software-as-a-service). Services may be implemented in Token’s customers’ platforms in order to provide their customers with new Account-to-Account payment propositions. Token has onboarded approx. 3.000 banks to its software and operates in 29 countries. Customers of Token include: BNPP, HSBC, Safecharge, Straal, Rewire, Contis, and OpenPayd.

Osborne Clarke’s team consisted of Tanja Aschenbeck (lead), Thorge Drefke and Jan Herrmann (all investment and capital markets law); Dr. Marc Störing and Neil Weaver (both IT / data protection) as well as Felix Hilgert (consumer protection) (all Cologne).