Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Electronic Money Guidelines
Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 concerns the taking up, pursuit and prudential supervision of the business of electronic money institutions. It is designed to facilitate access to the issuance of electronic money by entities other than credit institutions. The EC Directive also emphasises that electronic money can be redeemed at par value and that the electronic money institution must clearly indicate the redemption conditions. Furthermore, the institutions must take precautions against money laundering.
Supervision
Article 1 of the Zahlungsdiensteumsetzungsgesetz (Payment Services Implementation Act) stipulates that the Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority), in cooperation with the Deutsche Bundesbank, must supervise the category of payment institutions (non-banks offering certain payment services) (Zahlungsdiensteaufsichtsgesetz - ZAG). This also stipulates capital resources, initial capital and other regulations.
Approval
An application for a license to operate payment services or the e-money business must be submitted to the German Federal Financial Supervisory Authority (BaFin). The requirements for licensing are set out in section 8 of the ZAG for payment institutions and in section 8a of the ZAG for electronic money institutions. Once the authorization has been granted, it is valid in all member states of the European Union. The payment institution concerned is permitted to provide payment services anywhere in the Community on the basis of the freedom to provide services or the freedom of establishment.