{ "jurisdiction_id": "FR", "jurisdiction": "France", "url": "https://payments.gi/jurisdictions/france/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 62, "source_register": 103 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/france/#w1a-licensing-authorisation-market-access", "standing_position": "France's payments regime remains under PSD2/EMD2 supervised by ACPR; PSD3/PSR final compromise texts were published 23 April 2026 (dual PSD3-directive + PSR-regulation structure), now in legal-linguistic finalisation ahead of Official Journal publication expected mid-to-late 2026, followed by a transition period. PSD3's collapse of the PI/EMI distinction may require CMF Art. L.521-1 structural amendment.", "findings": [ { "finding": null, "instrument_type": "EMI authorisation (Art. L.315-1 / L.526-1 CMF)", "source": "https://acpr.banque-france.fr/en/authorisation/banking-industry-procedures/licensing-authorisation-and-registration/electronic-money-institution", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Simplified EMI (Art. L.526-19 CMF)", "source": "https://acpr.banque-france.fr/en/authorisation/banking-industry-procedures/licensing-authorisation-and-registration/electronic-money-institution", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "ACPR licensing remit / EU passport", "source": "https://www.banque-france.fr/en/financial-stability/financial-stability-mandate/oversight-financial-institutions", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "PI authorisation / agent registration", "source": "https://www.treezor.com/insights/knowledge-center/becoming-a-payment-institution-in-france-the-3-main-steps/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Market access / passporting data", "source": "https://acpr.banque-france.fr/system/files/2025-01/20220315_new_payment_stakeholders_overview.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/france/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Safeguarding for French PIs/EMIs follows PSD2/EMD2 segregation: client funds placed in a dedicated segregated account at a credit institution (or central bank / low-risk liquid assets), separate from the institution's own funds, with changes to the protection method requiring prior ACPR authorisation. Conduct/customer protection is an ACPR core mission under Art. L.612-1 CMF; the ACPR also supervises AML/CFT and business practices, issuing recommendations and positions (soft law).", "findings": [ { "finding": null, "instrument_type": "Safeguarding / segregation (Art. L.522-17 / L.526-32 CMF)", "source": "https://acpr.banque-france.fr/system/files/2025-01/20220315_new_payment_stakeholders_overview.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Change-of-safeguarding control", "source": "https://acpr.banque-france.fr/en/authorisation/banking-industry-procedures/other-changes-particulars/payment-institution-and-electronic-money-institution", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Conduct mandate (Art. L.612-1 CMF)", "source": "https://acpr.banque-france.fr/en/customer-protection/duties-acpr-and-actions-favor-customer-protection/customer-protection-principles-and-missions-acpr", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "PSD3 optional central-bank safeguarding", "source": "https://www.hsfkramer.com/notes/fsrandcorpcrime/2026-posts/the-new-eu-payments-rulebook-psd3-psr", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "ACPR soft-law (positions, recommendations, Q&A)", "source": "https://solent-avocats.com/en/the-powers-and-sanctions-of-thepr-what-you-need-to-know/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/france/#w2-stablecoins-digital-money", "standing_position": "MiCA EMT/ART supervision split (ACPR for EMTs/ARTs, AMF for CASPs/white papers/market abuse); MiCA stablecoin provisions applicable since 30 June 2024; Circle first EU MiCA-compliant EMI (licence aligned to 30 June 2024, announced 1 July 2024); BdF flags MiCA gaps on USD stablecoins.", "findings": [ { "finding": null, "instrument_type": "MiCA (EMT/ART supervision split)", "source": "https://www.elibrary.imf.org/view/journals/002/2025/237/article-A001-en.xml", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "MiCA EMT/EMD2 assimilation", "source": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/france/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "ACPR EMI authorisation (Circle)", "source": "https://www.pymnts.com/cryptocurrency/2024/circle-attains-emi-license-from-france-achieves-mica-compliance/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "PSAN-to-CASP transition (PACTE → MiCA)", "source": "https://crassula.io/guides/licenses/france-acpr/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Banque de France stablecoin posture", "source": "https://www.banque-france.fr/en/governors-interventions/rethinking-central-bank-money-digital-age", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/france/#w3-operational-resilience-critical-infrastructure", "standing_position": "France's operational-resilience regime is anchored by DORA (Regulation (EU) 2022/2554), applicable from 17 January 2025, supervised by the ACPR for banking/insurance/payment entities, with Banque de France oversight of systemically important payment systems. DORA mandates ICT risk management, major-incident reporting (4h/72h/1-month), a Register of Information, ICT third-party oversight (Art. 28-44), and threat-led penetration testing under the French TIBER-FR framework. First DORA registers were due to the ACPR by 15 April 2025.", "findings": [ { "finding": null, "instrument_type": "DORA (Regulation (EU) 2022/2554)", "source": "https://acpr.banque-france.fr/fr/reglementation/focus-sur-la-reglementation/transverse/digital-operational-resilience-act-dora", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "ACPR DORA implementation", "source": "https://www.dlapiper.com/en/insights/publications/2025/02/application-of-the-digital-operational-resilience-act---dora", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "SIPS oversight (SIPS Regulation)", "source": "https://www.banque-france.fr/en/financial-stability/institutional-framework/payment-systems-market-infrastructures/conduct-oversight-activities", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "TIBER-FR / DORA TLPT", "source": "https://www.elibrary.imf.org/view/journals/002/2025/237/article-A001-en.xml", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/france/#w4-scheme-network-compliance", "standing_position": "France's domestic card scheme is Cartes Bancaires (CB), governed by Groupement des Cartes Bancaires CB (est. 1984), accounting for over 65% of household card spend; >95% of CB cards are co-badged with Visa or Mastercard, enabling routing choice domestically (CB) vs internationally (Visa/MC). Interchange is capped by the EU Interchange Fee Regulation (Reg. 2015/751: 0.2% debit / 0.3% credit). PCI DSS and 3D Secure / SCA are mandatory for card acceptance.", "findings": [ { "finding": null, "instrument_type": "CB scheme / PCI participation", "source": "https://www.pcisecuritystandards.org/about_us/principal-participating-organizations/cartes-bancaires/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Co-badging / routing rules", "source": "https://knowledge.antom.com/cartes-bancaires-explained-what-global-merchants-need-to-know", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Interchange Fee Regulation (Reg. (EU) 2015/751)", "source": "https://stripe.com/resources/more/cartes-bancaires-an-in-depth-guide", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Domestic scheme positioning / sovereignty", "source": "https://www.lexology.com/library/detail.aspx?g=43e97180-d767-4eaf-966f-963646cb80b4", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/france/#w5-payment-corridor-dynamics", "standing_position": "France's principal rails are SEPA SCT and SCT Inst (now governed by the 2025 SCT Inst rulebook and the Instant Payments Regulation, Reg. (EU) 2024/886), settled over the Eurosystem's TARGET/TIPS infrastructure. The IPR mandated receipt of euro instant payments from Jan 2025 and sending from Oct 2025, with a 10-second execution timeline (5/7/9-second sub-timelines) and mandatory Verification of Payee. EPI's Wero wallet (live for P2P in France since 2024) builds on SCT Inst as the pan-European A2A corridor, with EuroPA interconnection planned.", "findings": [ { "finding": null, "instrument_type": "SCT Inst rulebook 2025 v1.1 / IPR (Reg. 2024/886)", "source": "https://www.europeanpaymentscouncil.eu/what-we-do/epc-payment-schemes/sepa-instant-credit-transfer/sepa-instant-credit-transfer-rulebook", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "IPR phasing / Verification of Payee", "source": "https://www.smbcgroup.com/EMEA/notices-reporting/sepa-instant-payments", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "EPI / Wero (SCT Inst overlay)", "source": "https://en.wikipedia.org/wiki/European_Payments_Initiative", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "TARGET / TIPS settlement rails", "source": "https://www.banque-france.fr/en/financial-stability/institutional-framework/systems-operated-banque-de-france", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/france/#w6-industry-structure-commercial-dynamics", "standing_position": "The French PSP market is bank-dominated at the acquiring/issuing layer (CB scheme run by major banks) but with a vigorous non-bank fintech layer: challenger banks/PIs (Qonto, Lydia/Sumeria), BaaS providers (Treezor), and SME finance platforms (Pennylane). Estreem (a BNP Paribas/BPCE issuer-processor JV) and Worldline (Europe's largest acquirer) are key infrastructure players. France produced fintech unicorns Pennylane and Pigment in 2024; French fintechs raised >EUR 750m in 2025.", "findings": [ { "finding": null, "instrument_type": "Market structure / concentration", "source": "https://www.mordorintelligence.com/industry-reports/europe-payments-market", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Challenger/fintech landscape", "source": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/france/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Funding momentum", "source": "https://techround.co.uk/startups/the-top-10-fintech-startups-in-france-driving-the-future-of-finance/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/france/#w7-legal-litigation", "standing_position": "French payments litigation/enforcement centres on (i) ACPR Sanctions Committee disciplinary proceedings (historically AML/CFT-led, against banks such as Société Générale, BNP Paribas, La Banque Postale) appealable to the Conseil d'État; (ii) Cour de cassation case law on fraud reimbursement, increasingly protective of payers and introducing an 'intention to pay' concept in spoofing/APP scenarios. The ACPR confirmed (March 2025) that administrative financial penalties are uninsurable under French public-order principles. ACPR/AML civil fines reach EUR 100m or 10% of turnover.", "findings": [ { "finding": null, "instrument_type": "ACPR Sanctions Committee procedure", "source": "https://acpr.banque-france.fr/en/nos-missions/sanctioning-non-compliance", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Sanctions jurisprudence (AML/CFT landmarks)", "source": "https://acpr.banque-france.fr/en/sanctions/jurisprudence", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Fraud-reimbursement case law", "source": "https://www.hsfkramer.com/notes/fsrandcorpcrime/2026-posts/the-new-eu-payments-rulebook-psd3-psr", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "ACPR position on uninsurability of fines (18 Mar 2025)", "source": "https://www.cliffordchance.com/insights/resources/blogs/talking-tech/en/articles/2025/03/insurance-is-not-a-safety-net-for-administrative-sanctions.html", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/france/#w8-merchant-acquiring-risk", "standing_position": "The French acquiring market is dominated by domestic PSPs/banks (Worldline being Europe's largest acquirer); foreign acquirers often need a French PI/EMI to serve the French retail space efficiently. Merchant card acceptance requires PCI DSS compliance and SCA/3D Secure; chargeback/dispute mechanics differ between CB (domestic, no merchant-led commercial-dispute contestation) and international schemes. Wero introduces a four-corner acquirer model for A2A merchant acceptance.", "findings": [ { "finding": null, "instrument_type": "Acquiring market access", "source": "https://crassula.io/guides/licenses/france-acpr/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Dispute / chargeback mechanics", "source": "https://knowledge.antom.com/cartes-bancaires-explained-what-global-merchants-need-to-know", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Wero four-corner acquiring model", "source": "https://wero-wallet.eu/e-m-commerce", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/france/#w9-product-innovation-market-development", "standing_position": "Innovation is led by (i) the EPI Wero wallet rollout (P2P live in France 2024, e-commerce checkout 2025-2026, POS 2027); (ii) open banking under PSD2 (PSD3/PSR in train); (iii) the digital euro — the ECB opened a new technical-preparation phase on 29 Oct 2025 with a possible pilot from mid-2027 and gradual launch from 2029; and (iv) the Banque de France's pioneering wholesale CBDC programme (Projects Venus, Jura, Mariana, and the 2026 Pontes wholesale-CBDC pilot) plus DLT settlement experiments. The ACPR runs a Fintech-Innovation Hub.", "findings": [ { "finding": null, "instrument_type": "Digital euro (retail CBDC)", "source": "https://www.banque-france.fr/en/monetary-strategy/means-payment/digital-euro", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Wholesale CBDC / DLT experiments", "source": "https://www.banque-france.fr/en/banque-de-france/innovative-central-bank/innovation-banque-de-france", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Pontes wholesale-CBDC pilot", "source": "https://cbdctracker.hrf.org/currency/france", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Wero product rollout", "source": "https://stripe.com/resources/more/wero-guide-france", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Eurosystem DLT settlement (Track 1/Track 2)", "source": "https://www.banque-france.fr/en/press-release/banque-de-france-commends-decision-eurosystem-provide-short-term-wholesale-central-bank-digital", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/france/#w10-consumer-protection-app-fraud", "standing_position": "Consumer protection rests on the Code monétaire et financier (unauthorised-transaction reimbursement under Art. L.133-x), the PSD2 SCA framework, and ACPR conduct supervision (complaint-handling Recommendation 2024-R-02; complaints routed via Banque de France). The Observatory for the Security of Payment Means (OSMP) issued reimbursement recommendations; mandatory Verification of Payee under the IPR/SEPA 2025 rulebook is the principal new anti-APP-fraud control. Cour de cassation 'intention to pay' case law and the incoming PSD3/PSR (Art. 59 impersonation-fraud reimbursement) shift fraud risk onto PSPs.", "findings": [ { "finding": null, "instrument_type": "OSMP reimbursement recommendations / Art. L.133 CMF", "source": "https://www.banque-france.fr/system/files/2024-05/Recommendations%20of%20the%20Observatory%20procedures%20for%20reimbursing%20fraudulent%20payment%20transactions.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Complaint-handling (Recommendation 2024-R-02)", "source": "https://acpr.banque-france.fr/en/particuliers/vos-moyens-daction/how-submit-complaint", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "PSR impersonation-fraud reimbursement (Art. 59) / VoP", "source": "https://www.hsfkramer.com/notes/fsrandcorpcrime/2026-posts/the-new-eu-payments-rulebook-psd3-psr", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Banking mediation / SCA exemptions", "source": "https://www.francepaymentsforum.eu/en/fraude-aux-paiements-le-point-de-vue-des-mediateurs/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/france/#w11-aml-cft-financial-crime", "standing_position": "SENTINEL-FED POSITION (payments context only; no original FIM analysis). France applies a risk-based AML/CFT regime under the Code monétaire et financier; the ACPR supervises banking/payment-sector AML/CFT, the AMF supervises crypto/CASP AML under PACTE, and suspicious transactions are reported to TRACFIN (the FIU). The EU AMLA, launched 1 June 2025, layers EU-level supervision of high-risk entities. Civil fines reach EUR 100m or 10% of turnover. France's PSD2 agent-network growth (11,092 agents end-2021) is a noted AML supervisory pressure point.", "findings": [ { "finding": "France operates a mature AML/CFT architecture built on TRACFIN (FIU), ACPR and AMF supervision, PNF/PNAT specialised prosecution, and COLB national coordination. FATF's 2022 MER rated the system strong on prosecution, confiscation and international cooperation, but flagged supervisory gaps in real estate, virtual assets, and DNFBP sectors. MiCA transition and Russia-sanctions enforcement (shadow-fleet interdictions) are the dominant live fronts.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — France", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-005)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Enforcement: French Navy — Shadow-fleet oil tanker off Sicily", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-003)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Sanctions: EU licence-change", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-003)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Enforcement: French Foreign Ministry / French Navy — Oil tanker Grinch (Russia-linked, seized Mediterranean)", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-002)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Gap: regulatory-failure", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: enforcement-absence", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: capacity-deficit", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/france/#w12-correspondent-banking-settlement-access", "standing_position": "Non-bank PSPs (PIs/EMIs) gained direct TARGET/TIPS access from 6 Oct 2025 (Guideline ECB/2025/28); settlement-only accounts (not safeguarding), holding limit ~2x peak 12-month daily outflow, no Eurosystem credit; indirect participants transition by 31 Dec 2025; PSR Art. 32 proposed to counter de-risking.", "findings": [ { "finding": null, "instrument_type": "Eurosystem non-bank PSP access policy", "source": "https://www.ecb.europa.eu/press/intro/news/html/ecb.mipnews20240719.en.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Guideline ECB/2025/28 / direct T2 access", "source": "https://inventi.io/news/non-bank-psps-gain-direct-access-to-target2-services/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "TARGET access via Banque de France", "source": "https://www.banque-france.fr/en/financial-stability/institutional-framework/systems-operated-banque-de-france", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "De-risking / PSR Art. 32", "source": "https://www.ecb.europa.eu/paym/target/target-professional-use-documents-links/tips/shared/pdf/Eurosys_pol_on_access_to_central_bank_operated_payment_systems_by_NBPSPs.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/france/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12m FR commercial activity: Pennylane EUR 175m raise (~EUR 3.6bn val, Jan 2026); Qonto bank-licence filing (Jul 2025); Worldline MeTS-to-Magellan (~EUR 410m) and Shift4 NA-subsidiary talks; Revolut joins EPI/Wero (Jun 2025).", "findings": [ { "finding": null, "instrument_type": "commercial_event: funding round", "source": "https://www.fintechfutures.com/venture-capital-funding/french-fintech-pennylane-secures-175m-funding-round", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: regulatory/product", "source": "https://techcrunch.com/2025/07/02/french-b2b-fintech-qonto-reaches-600000-customers-files-for-banking-license/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: M&A / divestiture", "source": "https://www.fintechfutures.com/keyword/france", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: partnership/product", "source": "https://en.wikipedia.org/wiki/Wero_(payment)", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }