As a registered payment institution, Novalnet, fulfils a multitude of supervisory regulations related to money laundering prevention, data protection, risk management, internal audit and much more. To remain compliant, Novalnet is regularly audited by several auditors such as Deutsche Bundesbank, BaFin and other regulatory bodies including the card schemes (VISA, MasterCard, etc.).

1. Execution of direct debits with granting of credits: including one-off direct debits with the granting of credit, § 1 Abs. 1 Satz 2 Nr. 3 lit. a) iVm § 1 Abs. 1 Satz 2 Nr. 4 ZAG

2. Execution of direct debits without granting of credits: including one-off direct debits without credit being granted, § 1 Abs. 1 Satz 2 Nr. 3 lit. a) ZAG

3. Execution of payment transactions by means of a payment card with granting of credit: executing payment transactions by means of a payment card or similar credit-based payment instrument, § 1 Abs. 1 Satz 2 Nr. 3 lit. b) iVm § 1 Abs. 1 Satz 2 Nr. 4 ZAG

4. Execution of payment transactions by means of a payment card without granting of credit: by means of a payment card or a similar payment instrument without granting credit, § 1 Abs. 1 Satz 2 Nr. 3 lit. b), ZAG

5. Execution of credit transfers with granting of credit: executing credit transfers, including standing orders with the granting of credit, § 1 Abs. 1 Satz 2 Nr. 3 lit. c) iVm § 1 Abs. 1 Satz 2 Nr. 4 ZAG

6. Execution of credit transfers without granting of credit: executing credit transfers, including standing orders, without credit being granted, § 1 Abs. 1 Satz 2 Nr. 3 lit. c) ZAG

7. Acquiring business: issuing payment instruments or the acceptance and settlement of payment transactions, § 1 Abs. 1 Satz 2 Nr. 5 ZAG

8. Money remittance business: Money remittance business is a service where an amount of money from the payer is received only for the purpose of transmitting an equivalent amount to a payee (without opening a payment account in the name of the payer or the payee), or to another payment service provider acting on behalf of the payee, or where the amount of money is received and made available to the payee on behalf of the payee, § 1 Abs. 1 Satz 2 Nr. 6 ZAG

9. Account Information Service: authorized to retrieve financial data from bank accounts, with account holder’s consent, to power services with greater insights and accuracy. § 1 Abs. 1 Satz 2 Nr. 8 ZAG

10. Payment Initiation Service: authorizes to initiate the bank to transfer money in and out of accounts with the account holder’s permission, § 1 Abs. 1 Satz 2 Nr. 7 ZAG