POLAND Law and Practice Contributed by: Wojciech Ługowski, Lawarton Lugowski Kapica Spolka Komandytowa
schemes. Online lenders without a banking licence cannot accept deposits, limiting their funding options. Securitisation Some lenders package their loan portfolios into secu - ritised financial instruments that are sold to institution - al investors or asset-backed securities (ABS) markets. Securitisation must comply with the EU Securitisation Regulation, ensuring risk retention, investor disclo - sures and transparency in structured finance trans - actions. While securitisation allows lenders to expand their loan capacity, it requires strict risk management and reporting mechanisms. 4.4 Syndication of Fiat Currency Loans Loan syndication is legally permissible and is primar - ily used for large corporate or infrastructure loans. It allows multiple lenders to share risk and expand lend - ing capacity, typically involving major banks rather than fintech lenders or online platforms. Although syndication occurs, it remains relatively uncommon in the Polish market, where bilateral lend - ing structures and direct institutional financing are more prevalent. The process is regulated by the Polish Civil Code and the Banking Law Act, ensuring contractual transpar - ency and a structured framework for multi-lender agreements. 5. Payment Processors 5.1 Payment Processors’ Use of Payment Rails General Payment processors are free to use existing payment rails or develop new ones, provided they comply with financial regulations. Any new payment infrastructure must receive authorisation from KNF to ensure com - pliance with PSD2, AML and CFT requirements. While integrating with established payment systems is often more efficient and widely accepted, innovative solutions such as blockchain-based payment systems or alternative clearing mechanisms can be introduced,
provided they meet regulatory standards and obtain the necessary approvals. BLIK BLIK is a notable example of a locally developed pay - ment rail in Poland. It is a domestic mobile payment system that transforms cashless transactions, operat - ing independently of global payment networks (legacy card systems operators). It provides an alternative infrastructure for real-time digital payments and offers seamless integration with the Polish banking system. BLIK supports in-store and e-commerce payments, where customers authenticate transactions using a one-time code. It also allows ATM withdrawals and cash deposits without a physical card. Users can make P2P transfers using just a phone number and process instant bank transfers between accounts. The system enables recurring payments for subscriptions, bills and transactions via QR codes, facilitating seam - less integration with online and offline merchants. It recently introduced a contactless payment feature using near-field communication (NFC) technology, enabling mobile payments without a traditional pay - ment card. BLIK originated as a domestic Polish payment system and remains primarily focused on the local market, although initial cross-border expansion (notably to Slovakia) has already begun. Since its launch, it has become one of the country’s most widely used pay - ment methods, surpassing card transactions in mobile banking apps. While currently limited to the domestic market, discussions about its potential expansion to other European countries, or integration with interna - tional payment networks are ongoing. 5.2 Regulation of Cross-Border Payments and Remittances National and EU financial laws regulate Poland’s cross-border payments and remittances. Since Poland is a part of the Single Euro Payments Area (SEPA), the SEPA Regulation also applies. This regula - tion allows relevant cross-border cashless payments in euros to be made similarly to domestic ones. The SEPA Regulation applies to all payments across the EU and several non-EU countries.
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