GÖRG advises Sparkassen group on the launch of a new payment card
GÖRG Partnerschaft von Rechtsanwälten mbB advised S-Kreditpartner GmbH, an installment credit bank and member of the Sparkassen finance group, on the launch of the new product "FlexiGeld". The revolving credit card will be launched in mid-2023 in cooperation with selected pilot Sparkassen banks. S-Kreditpartner has outsourced the technical credit card processing to the European payment service provider Nexi SpA, Milan, Italy.
The cross-location GÖRG team, led by Cologne partner Dr. Matthias Terlau, assisted S-Kreditpartner GmbH with comprehensive legal advice, among other things, in preparing the application for permission from the German Federal Financial Supervisory Authority (BaFin). In addition, the team drafted and negotiated various outsourcing agreements, including the extensive contract with the cooperation partner Nexi, a high-tech company for payment services and infrastructures operating throughout Europe.
The new "FlexiGeld" not only functions as a payment card, but also offers an additional credit line that customers can use like an installment loan with individually selectable repayment options. This is intended to offer customers of the participating Sparkassen banks a seamless payment experience while ensuring maximum flexibility and security.
Advisors S-Kreditpartner GmbH
GÖRG Partnerschaft von Rechtsanwälten mbB
Dr. Matthias Terlau (Lead, Partner, Banking and Banking Regulatory Law, Cologne)
Felix Pinkepank, LL.M. (Cape Town) (Associate, Banking and Banking Regulatory Law, Cologne)
Dr. Sven Erdmann (Counsel, Banking and Banking Regulatory Law, Cologne)
Dr. Florian Schmitz (Partner, IT & Outsourcing, Frankfurt am Main)
Dr. Jochen Lehmann (Partner, Data Protection, Cologne)
Dr. Adalbert Rödding, LL.M. (Partner, Tax, Cologne)
Dr. Karl-Georg Küsters, LL.B., LL.M. Taxation (Associated Partner, Tax, Cologne)
Dr. Daniel Schmitz (Partner, Insolvency Law, Cologne)
Dr. Marcus Richter (Partner, Labour and Employment Law, Cologne)