Frankfurt, 12 September 2016 – PEAK Collection GmbH, a Silverton Group (Silverton) company, is one of the first loan servicers in Germany to be granted a licence to provide payment services („Zahlungslizenz“) by BaFin, the Federal Financial Supervisory Authority.

With its new payment licence, PEAK can expand its range of services in the field of primary servicing, i.e. the administration of loans that are fully performing, and can develop additional areas of activity as a Payment Agent, e.g. for Internet „lending platforms“ and syndicated loans. Hitherto, this service had to be provided by a bank or another Payment Agent. Payment Agents are allowed to maintain the trustee accounts required for processing payments for the specific project and the investors involved in it.

„The payment licence enables us to act, for example, as a Payment Agent and loan servicer for a new and prestigious peer-to-peer lending platform operated by a major German bank“, comments Jascha Hofferbert, managing partner and co-founder of PEAK Collection.

The grant of the licence to provide payment services is subject to a detailed screening of the eligibility of the directors and the internal risk management system, and adjusting accounting procedures to comply with the legislation governing payment licences.