The professional procurement of payment orders. More specifically, a money remitter is a service provider that accepts funds from a payer for the purpose of making them available to a recipient, without necessarily maintaining an account relationship with the payer or payee. In Germany, such service providers are subject to supervision by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). They also require a license pursuant to Section 32 of the German Banking Act (KWG); they are classified as payment institutions. The Payment Services Supervision Act (Zahlungsdienste-Aufsichtsgesetz) has been in force since October 2009; this regulates the supervision of the relevant service providers.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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