A regulated fintech, from founding to licence.
How Didid, a subsidiary of BNP Paribas Fortis, was set up as a PSD2 company, with the necessary licences and APIs.
The challenge
The European PSD2 directive made it possible to exchange bank data between financial institutions. New players could build services on that basis. BNP Paribas Fortis set up the fintech Didid for this purpose.
To be allowed to manage customers’ financial data, the company needed a licence as an intermediary: AISP (Account Information Service Provider) and PISP (Payment Initiation Service Provider). It also had to comply with the rules on AML, GDPR and fraud, while the organisation itself was still being built.
This was the dawn of the European regulation. Together with the National Bank of Belgium and the first major players, we worked out how these new rules should be interpreted and applied. I was jointly responsible for preparing the applications for these licences.
What I managed
Licences
Helping prepare the licence applications and supporting the advisers in their communication with the National Bank, until the AISP and PISP licences were granted. Then ensuring everything remained compliant.
API development
As project manager, supporting the IT teams in delivering the PSD2 APIs for BNP Paribas Fortis: monitoring budget, scope and timing, and aligning the stakeholders.
Starting up the company
Founding Let’s Didid nv: company structure, accounting and governance for a regulated company, plus operational support for the team.
The result
Didid became a regulated PSD2 company with the required AISP and PISP licences, its own governance and a team that could operate independently, in line with the rules on AML, GDPR and fraud.
Didid no longer exists today. It was an app that let you save for your dreams, and at its peak it had more than 20,000 users. Most of the dreams were trips. When COVID struck and travel was no longer allowed, user numbers fell sharply. BNP Paribas then put the project on hold and shut it down for good three years later.
Launching something new in a regulated environment?
I bring structure to licences, governance and getting your team up and running.