Kontomatik UAB, a subsidiary of the leading Polish fintech company Kontomatik Sp. z o.o., received the account information service provider license (AISP) from the Bank of Lithuania. According to the PSD2 directive, the license enables a provision of payment services for customers within the European Union.
As the first company with Polish origin, Kontomatik will act as a licensed provider of account information service and confirms its readiness to serve customers in the European Union after the implementation of the PSD2 directive. The license obtained in Lithuania will enable Kontomatik’s passporting to other European Union markets.
According to the Open Banking PSD2, AISPs can access payment accounts and transaction data of banks’ clients. Based on this, Kontomatik will be able to provide other financial institutions with services based on the analysis and processing of these data. However, access to the banking data via the API will only be possible after the explicit consent of the consumer. Data can then be categorized and grouped, while additional data analysis using Machine Learning technology enables financial institutions to easily build consumers’ financial behavior profiles. Theses profiles can be used as one element of credit scoring which facilitates the automation of the credit decision process.
Kontomatik operates in 12 markets, enabling access to account information of more than 130 banks around the world. Thanks to Kontomatik’s technology, customers have already made over 8 million successful data imports since the launch of this service.
Piotr Warsicki, CEO of Kontomatik:
“Receiving the AISP license to provide access to account information services is our first step to take full advantage of the opportunities provided by the PSD2 directive. After 10 years of offering account information services and customer identity verification, we had to adapt our model of operation to the requirements of the directive. Becoming an AISP required a lot of investment and preparation. Application requirements are very similar to those required to comply with the full license of the payment institution. Adjusting internal processes, changing the operating model, meeting capital requirements and having to provide a bank guarantee was a lengthy process, but the project was worth implementing. We plan to extend our license to include further areas of payment services in the future. “