RAISP registration secured for a data aggregation fintech

The challenge

The firm aggregated payment account data, processed it for reporting and financial management purposes, and relied on third party providers for data connectivity and identity verification, all of which needed to be clearly articulated for a Registered Account Information Service Provider application.

Regulatory context

Registration as a Registered Account Information Service Provider under the Payment Services Regulations 2017, including scrutiny of the perimeter, the customer journey and the role of external providers.

What MEMA did

• Articulated the regulatory perimeter and the customer journey
• Set out the role of each third party provider in the data chain
• Built the control framework underpinning the application
• Developed the governance narrative around data use, support and compliance

Timeline

Registration achieved in around 7 months.

Outcome

The firm was registered as a RAISP.