This approval from the Federal Financial Supervisory Authority (BaFin) was required in order to ensure that payment transactions between customers of PAVIS GmbH and the respective international patent and trademark offices are compliant. This is regulated by the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz, ZAG), which follows the European Payment Service Directive for the regulation of payment services and payment service providers in the European single market, and must be implemented by all EU member states over time.
These heightened security measures for European payment transfers are to prevent financial crime, money laundering and financing of terrorism. Furthermore, they are intended to strengthen consumer protection, promote innovation and increase competition in the market.
To ensure that the processes for PAVIS customers change as little as possible, those parts of our IP services that are subject to approval – i.e. the worldwide payment of fees for intellectual property rights – were transferred to our new subsidiary PAVIS Payments GmbH, which was specifically established for this purpose. PAVIS GmbH will remain the main contact and partner for our clients. This means there are now two companies under one roof.
For PAVIS clients, this restructuring not only enables them to enjoy the highest possible level of protection for their payment transactions, they also benefit from clearly structured and transparent processes at all times. Thanks to the PAVIS Payments trust account, client funds are protected in the event of insolvency, further reducing the exposure to any risks. Additionally, PAVIS GmbH and PAVIS Payments GmbH clients are 100% compliant with the requirements of German law for their IP right renewal process.