{ "jurisdiction_id": "DE", "jurisdiction": "Germany", "url": "https://payments.gi/jurisdictions/germany/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 65, "source_register": 109 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/germany/#w1a-licensing-authorisation-market-access", "standing_position": "BaFin authorises PIs (ZAG §10) and EMIs (ZAG §11); AISPs register under §34; bank-PSP vs non-bank PI/EMI core split; EWR passporting available.", "findings": [ { "finding": null, "instrument_type": "ZAG (Payment Services Supervision Act)", "source": "https://www.bafin.de/EN/Aufsicht/ZahlungsdienstePSD2/ZahlungsdienstePSD2_node_en.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "ZAG §10 / §11", "source": "https://www.bundesbank.de/en/tasks/banking-supervision/individual-aspects/payment-institutions-and-e-money-institutions-622962", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "ZAG capital thresholds", "source": "https://crassula.io/guides/licenses/germany-bafin-zag/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "ZAG §43/§44 public register", "source": "https://www.bafin.de/EN/PublikationenDaten/Datenbanken/ZahlungsinstituteRegister/register_zahlungsinstitute_node_en.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "market structure", "source": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/germany/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/germany/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Safeguarding of customer/e-money funds is mandated by §§17–18 ZAG: funds must either be segregated in an insolvency-proof trust account or in liquid low-risk assets, or covered by insurance/guarantee from an insurer or credit institution. Conduct rules flow from PSD2 (transposed via ZAG and the German Civil Code, BGB §§675c ff.), including strong customer authentication for online payments, the surcharge ban, and lowered consumer liability (EUR 50) for lost/stolen cards. MaRisk for PSPs has been introduced via BaFin consultation. Supervising authority is BaFin jointly with the Bundesbank.", "findings": [ { "finding": null, "instrument_type": "ZAG §§17,18 safeguarding", "source": "https://www.deloittelegal.de/en/services/legal/perspectives/micar-e-geld-token-crypto.html [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "PSD2 conduct rules", "source": "https://www.bundesbank.de/en/tasks/payment-systems/psd2/psd2-775954", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "MaRisk / conduct", "source": "https://stripe.com/resources/more/payments-in-germany-an-in-depth-guide [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "governance / fit-and-proper", "source": "https://crassula.io/guides/licenses/germany-bafin-zag/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/germany/#w2-stablecoins-digital-money", "standing_position": "Euro stablecoins regulated as EMTs under MiCAR; KMAG implements MiCAR domestically arming BaFin name-and-warn powers; EURAU (AllUnity) first MiCA-authorised German euro stablecoin (1 July 2025); grandfathering closed end-2025.", "findings": [ { "finding": null, "instrument_type": "MiCAR + KMAG", "source": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/germany/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "EMD2 / MiCAR EMT", "source": "https://www.deloittelegal.de/en/services/legal/perspectives/micar-e-geld-token-crypto.html [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "EMI authorisation (MiCAR EMT)", "source": "https://www.cryptoninjas.net/news/germany-approves-eurau-first-mica-compliant-euro-stablecoin-gets-green-light-from-bafin/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "MiCAR transitional period", "source": "https://coincub.com/blog/how-european-banks-are-building-on-mica/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement / market exit", "source": "https://www.cyfrin.io/blog/mica-regulation-explained-a-guide-to-eu-crypto-compliance [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/germany/#w3-operational-resilience-critical-infrastructure", "standing_position": "DORA directly applicable since 17 Jan 2025 + FinmadiG; BaFin national ICT hub, 4-hour deadline; first DORA fine EUR 450k Q3 2025; 600+ incidents registered.", "findings": [ { "finding": null, "instrument_type": "DORA + FinmadiG", "source": "https://www.dlapiper.com/en/insights/publications/2025/02/application-of-the-digital-operational-resilience-act---dora [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "DORA incident reporting", "source": "https://www.pinsentmasons.com/out-law/news/bafin-provides-guidance-reporting-security-incidents [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "DORA information register", "source": "https://www.advisori.de/en/blog/dora-information-register-2026-bafin-reporting-deadline-is-running-what-financial-companies-have [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "DORA enforcement", "source": "https://matproof.com/blog/dora-ict-incident-reporting-bafin-mvp [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/germany/#w4-scheme-network-compliance", "standing_position": "Germany operates the domestic girocard debit scheme (umbrella brand of the German Banking Industry Committee / DK, formerly 'electronic cash'), independently overseen by the Bundesbank under an MoU with the DK; international schemes (Visa Europe, Mastercard Europe) are overseen by Eurosystem teams. The DK sets technical terminal standards via Technical Annex (TA 7.2) and the DC POS 3.0 approval procedure. EU Interchange Fee Regulation (Reg (EU) 2015/751, in force 9 Dec 2015) caps consumer interchange at 0.3% (credit) / 0.2% (debit); PSD2 bans surcharging on regulated cards. PCI DSS 4.0.1 is mandatory since 31 March 2025 for entities handling card data; girocard processors operate to PCI DSS Level 1.", "findings": [ { "finding": null, "instrument_type": "scheme oversight", "source": "https://www.bundesbank.de/en/tasks/payment-systems/oversight/card-payments-626460", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "IFR / PCI DSS", "source": "https://hyperswitch.io/blog/popular-payment-methods-in-germany", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "scheme technical standards (TA 7.2 / DC POS 3.0)", "source": "https://secupay.com/en/knowledge/point-of-sale/new-regulations-for-pos-terminals-ta-7-2-and-dc-pos-3-0", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "interchange / PCI", "source": "girocard.eu — Annual figures 2025 press release", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/germany/#w5-payment-corridor-dynamics", "standing_position": "Wero added e-commerce acceptance among German retailers from November 2025 and reached approximately 43.5 million registered users bloc-wide, with German registrations rising from 1.3m to 1.8m across 2025-2026.", "findings": [ { "finding": null, "instrument_type": "Instant Payments Regulation", "source": "https://www.ecb.europa.eu/paym/retail/instant_payments/html/instant_payments_regulation.en.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "SCT Inst", "source": "https://en.wikipedia.org/wiki/Single_Euro_Payments_Area", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "TARGET services", "source": "https://www.bundesbank.de/en/tasks/payment-systems/t2/target-balances-920752", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "cross-border interlinking", "source": "https://flow.db.com/Topics/cash-management/what-corporate-treasurers-should-know-about-cross-border-instant-payments", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "remittance corridors", "source": "Deutsche Bundesbank Rundschreiben 44/2024; EU Instant Payments Regulation (recv 9 Jan 2025, send 9 Oct 2025)", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/germany/#w6-industry-structure-commercial-dynamics", "standing_position": "Germany is one of Europe's most fragmented retail banking markets, structured into commercial banks (Deutsche Bank/Postbank, Commerzbank, UniCredit HVB), savings banks (Sparkassen, DekaBank, Landesbanken) and cooperative banks. Payments are cash- and bank-transfer-heavy: cash still ~51% of POS purchases (2023), girocard the dominant domestic debit scheme (~100m cards), PayPal leading online wallets, and invoice/Rechnungskauf and BNPL (Klarna, Ratepay) culturally entrenched. The non-bank PSP layer includes 90+ PIs / 10+ EMIs plus BaaS players (Solaris), neobanks (N26) and acquirers (Unzer). Post-Wirecard, BaFin oversight tightened sharply.", "findings": [ { "finding": null, "instrument_type": "market structure", "source": "https://www.paymentyearbooks.com/yearbook/germany-2026/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "payment-method mix", "source": "https://stripe.com/resources/more/payments-in-germany-an-in-depth-guide", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "non-bank PSP layer", "source": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/germany/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "fintech ecosystem", "source": "KPMG Pulse of Fintech H2/2025 (Germany)", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/germany/#w7-legal-litigation", "standing_position": "The defining payments-litigation complex remains Wirecard: the 2020 insolvency (EUR 1.9bn missing) drove the Financial Market Integrity Strengthening Act (FISG, 2021) expanding BaFin powers; the Munich Regional Court found former board members liable for EUR 140m in 2024/2025 and criminal proceedings continue. Phishing/unauthorised-payment case law under BGB §§675u–675w (PSD2) is active, with the BGH (5 Mar 2024, XI ZR 107/22) placing the burden of proving authorisation/SCA on the bank. Enforcement intensified in 2025: BaFin levied a record EUR 45m AML fine and a EUR 25m greenwashing fine; 'Operation Chargeback' (Nov 2025) dismantled a EUR 300m card-fraud network routed partly through German gateways.", "findings": [ { "finding": null, "instrument_type": "civil liability ruling", "source": "https://globallitigationnews.bakermckenzie.com/2025/01/03/germany-wirecard-board-members-liable-for-eur-140-million/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "PSD2 case law (BGB §§675u–w)", "source": "https://efri.io/phishing-in-germany-what-upper-courts-say/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory enforcement", "source": "https://www.lexology.com/library/detail.aspx?g=15decca4-8204-44c2-ab0a-045f8ba514a4", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement / takedown", "source": "https://www.contextualsolutions.de/blog/operation-chargeback-wirecard-bafin-fintech-fraud [CAVEAT: Tier 4 commercial/blog source — Assessed; illustrative only]", "source_url": null, "source_tier": "4", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/germany/#w8-merchant-acquiring-risk", "standing_position": "Acquiring in Germany operates under the EU IFR (interchange caps) and PSD2/ZAG, with girocard acceptance handled via the DK/DC POS approval regime and international-scheme acquiring (Visa/Mastercard) processed by acquirers offering sub-1% effective rates post-IFR. Chargeback/dispute mechanics follow scheme rulebooks plus PSD2 refund rights. The market shows active consolidation among SME-focused 'tap-pack' acquirers (SumUp, myPOS, Teya, Unzer); high-risk-merchant practices were a central failure in the Wirecard third-party-acquirer model. PCI DSS 4.0.1 governs cardholder data handling for acquirers and processors.", "findings": [ { "finding": null, "instrument_type": "acquiring economics / IFR", "source": "https://refubium.fu-berlin.de/bitstream/handle/fub188/22957/M%20Yang%20-%20Card%20Payments%20in%20German%20Law%20-%20Refubium.pdf", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "high-risk acquiring model", "source": "https://en.wikipedia.org/wiki/Wirecard_scandal", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "acquiring market consolidation", "source": "https://businessofpayments.com/ [CAVEAT: Tier 4 commercial/blog source — Assessed; illustrative only]", "source_url": null, "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "acquiring compliance", "source": "https://hyperswitch.io/blog/popular-payment-methods-in-germany", "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/germany/#w9-product-innovation-market-development", "standing_position": "Two parallel innovation tracks dominate: (1) the bank-led Wero wallet (European Payments Initiative), live for P2P since 2024 and rolling into e-commerce from late 2025, with German issuers (Sparkassen, Postbank, Deutsche Bank, ING Germany, Commerzbank, Revolut) and acquirers joining; and (2) the ECB digital euro, which exited its preparation phase on 29 Oct 2025 and entered the next phase, targeting a possible first issuance in 2029 with pilots potentially from mid-2027. ECB selected five providers (incl. Giesecke+Devrient, equensWorldline) for core-component pilots in Oct 2025. Open banking is PSD2-mandated and moving toward PSD3/PSR. Tension exists between Wero/EPI and the digital euro over crowding-out.", "findings": [ { "finding": null, "instrument_type": "digital euro (CBDC)", "source": "https://www.ecb.europa.eu/euro/digital_euro/progress/html/ecb.deprp202510.en.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Wero / A2A wallet", "source": "https://www.db.com/news/detail/20251217-deutsche-bank-launches-wero-for-more-simple-and-sovereign-digital-payments-in-europe?language_id=1", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "digital euro pilot procurement", "source": "https://www.openbankproject.com/blog/the-digital-euro-infrastructure/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "innovation tension", "source": "EPI Company / wero-wallet.eu — Wero; PAYONE e-commerce rollout Nov 2025", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "EPI structure", "source": "https://en.wikipedia.org/wiki/European_Payments_Initiative", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/germany/#w10-consumer-protection-app-fraud", "standing_position": "Consumer protection in payments rests on PSD2 as transposed via ZAG and BGB §§675c ff., the BGB general civil-law regime, and the UWG. Unauthorised payments are refundable within one bank working day and payer card liability is capped at EUR 50. APP/authorised-push-payment fraud has NO general mandatory reimbursement regime (unlike the UK PSR model): under PSD2/BGB only unauthorised transactions are reimbursable, and the EU PSD3/PSR deal concluded 27 Nov 2025 introduces only a narrow reimbursement duty limited to PSP-impersonation ('spoofing') fraud. Phishing disputes are heavily litigated, with the burden of proving SCA on the bank. ADR/ombudsman routes (Schlichtungsstelle, ECC Germany) and the BGH frame redress.", "findings": [ { "finding": null, "instrument_type": "PSD2 consumer protection", "source": "https://www.bundesbank.de/en/tasks/payment-systems/psd2/psd2-775954", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "APP fraud reimbursement scope", "source": "https://www.biocatch.com/blog/psd3-proposal-fraud-risk-controls", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "PSR/PSD3 deal", "source": "EU PSR/PSD3 proposal — impersonation-fraud reimbursement; EP trilogue", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "redress / case law", "source": "https://efri.io/phishing-in-germany-what-upper-courts-say/", "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/germany/#w11-aml-cft-financial-crime", "standing_position": "[SENTINEL.GI POSITION — payments context only] Germany's AML/CFT regime for the payments sector rests on the Geldwäschegesetz (GwG), implementing the EU AMLDs, supervised by BaFin. The new EU Anti-Money-Laundering Authority (AMLA) commenced operations in Frankfurt on 1 July 2025, directly overseeing high-risk institutions and coordinating national supervisors. Enforcement against payments-adjacent firms is active (e.g. BaFin's EUR 6.5m Solaris SE fine in 2024 for delayed SARs; a record EUR 45m AML fine at end-2025). Payment gateways remain a noted fraud choke point post-Wirecard. WPM carries the Sentinel position only; no original illicit-finance analysis performed.", "findings": [ { "finding": "Germany operates a comprehensive AML/CFT framework (Geldwäschegesetz, Criminal Code, Banking Act) supervised by BaFin, the FIU (Zoll), and over 300 sector/Länder-level supervisors, with the EU's new AML Authority (AMLA) headquartered in Frankfurt.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Germany", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: EU listing", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Enforcement: Deutsche Bank AG (self-report to Deutsche Bundesbank) — Deutsche Bank AG / Russian clients", "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": "Enforcement: German Federal Prosecutor (Generalbundesanwalt) — Five individuals in an export network", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-004)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Enforcement: Frankfurt Public Prosecutor's Office — Deutsche Bank AG", "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: legal-gap", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "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-004)", "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-002)", "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/germany/#w12-correspondent-banking-settlement-access", "standing_position": "Settlement access for German institutions runs through the Eurosystem TARGET family operated by the Deutsche Bundesbank: T2 (CLM main cash accounts + RTGS) replaced TARGET2 in March 2023, with T2S dedicated cash accounts for securities and TIPS DCAs for instant payments; settlement is in central bank money. The Bundesbank operates the German component (TARGET2-BBk) and sets collateral requirements. Germany runs a structurally large positive TARGET balance (>EUR 1.06 trillion as of Aug 2025). Correspondent banking uses SWIFT on the ISO 20022 standard (global since March 2023); access criteria flow from Eurosystem participation rules and KWG/ZAG licensing.", "findings": [ { "finding": null, "instrument_type": "T2 / RTGS settlement access", "source": "https://www.bundesbank.de/en/tasks/payment-systems/t2/what-is-t2--920746", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "TARGET settlement infrastructure", "source": "https://www.bundesbank.de/en/tasks/payment-systems/t2/target-balances-920752", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "TARGET balance", "source": "https://www.bundesbank.de/en/tasks/topics/asset-purchases-have-significant-impact-on-target2-balance-762952", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "ISO 20022 correspondent standard", "source": "https://www.bundesbank.de/en/tasks/payment-systems/t2/t2-920746", "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/germany/#w13-commercial-intelligence-fintech", "standing_position": "DE commercial activity centres on acquiring consolidation and pan-European wallet build-out; key events Unzer-AllCash (Mar 2026), Mollie-GoCardless (EUR 1.1bn), Solaris Series G (EUR 140m), SumUp IPO prep.", "findings": [ { "finding": null, "instrument_type": "M&A (acquisition)", "source": "https://www.unzer.com/en/press/articles/unzer-gruppe-uebernimmt-allcash-und-baut-geschaeft-in-ostdeutschland-aus/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "M&A (acquisition)", "source": "https://businessofpayments.substack.com/p/business-of-payments-january-2026 [CAVEAT: Tier 4 commercial/blog source — Assessed; illustrative only]", "source_url": null, "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "M&A (acquisition)", "source": "https://businessofpayments.substack.com/p/business-of-payments-january-2026 [CAVEAT: Tier 4 commercial/blog source — Assessed; illustrative only]", "source_url": null, "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "IPO preparation", "source": "https://businessofpayments.com/ [CAVEAT: Tier 4 commercial/blog source — Assessed; illustrative only]", "source_url": null, "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "funding round", "source": "KPMG Pulse of Fintech H2/2025 (Germany funding)", "source_url": null, "source_tier": "2", "retrieved_at": null } ] } ] }