Ratepay is licensed to provide the money remittance business (§ 1 I S. 2 No. 6 Zahlungsdiensteaufsichtsgesetz, ZAG) as well as the acquisition business (§ 1 I S. 2 No. 5 ZAG) within the meaning of the Payment Services Supervision Act (ZAG) in Germany.
In addition, factoring is also classified as a money remittance business (§ 1 para. 1 sentence 2 no. 5 ZAG) and thus as a payment service and requires a licence according to the Payment Services Supervision Act (ZAG). In accordance, Ratepay, holding the payment service licence according to ZAG, does not need a factoring licence according to the KWG if it decides to offer factoring within this scope.
Due to EEA-wide regulations, Ratepay is also permitted to provide this business in the EEA, whereby it must inform the supervisory authority in the country of origin (BaFin) of this (Section 38 II ZAG).
Please note: The notification procedure of § 38 II ZAG does not apply to Switzerland, as Switzerland is not a member of the EEA. However, Ratepay has notified BaFin in writing of its commencement of business (i.e. the offering of payment methods within the aforesaid scope) in Switzerland.