Reff & Associates aassisted BLIK Romania, the local company established by the Polish provider of innovative payment solutions Polski Standard Płatności Sp. z o.o., which operates in Poland under the brand BLIK, in the process of authorizing the BLIK Romania payment system by the National Bank of Romania (NBR). The functioning authorization of the BLIK Romania payment system, administered by BLIK Romania S.A., was issued by NBR on October 1, 2024.
BLIK is the first payment system in the EU to expand its activity in Romania and introduces on the local market a completely new concept for making online payments and not only, by generating a unique six-digit code in the mobile banking application of each user, which offers users a safe and fast alternative to using physical or virtual cards.
Throughout the entire authorization process, BLIK Romania was assisted by the teams of lawyers from Reff & Associates and Deloitte Legal Poland on all legal aspects related to this project. Also, the Risk Advsiory practices of Deloitte Romania and Deloitte Poland covered all aspects related to risk management and cybersecurity.
"Obtaining the functioning authorization by BLIK Romania payment system is a milestone for the local payment market and a great success for our team, given the high degree of complexity of the project, as well as innovation. The regulatory requirements applicable to financial market infrastructures, such as BLIK Romania payment system, are among the most complex in the financial sector, so the preparation of such an extensive authorization file, consisting of hundreds of documents, required a very close collaboration between our teams of lawyers and consultants from Romania and Poland. We are grateful to our client for the opportunity and the trust placed in us and I congratulate my colleagues for the professionalism and involvement they have shown in this challenging project", said Andrei Burz-Pînzaru, Partner at Reff & Associates | Deloitte Legal, and Head of the Financial-Banking Department.
Legal team at Reff & Associates | Deloitte Legal was made up of Andrei Burz-Pînzaru, Partner, Roxana-Maria Bratosin, Managing Associate, from the Financial-Banking Department, who coordinated the entire project team, Dănuț Arion, Senior Associate, from the Financial-Banking Department, as well as Fraga Varadi, Managing Associate, and Alexandru Tinică, Associate, from the Corporate M&A Department, who assisted on corporate matters.