Regulatory Alerts2013-12-17
Added · Updated
Definition and Categories of Payment Processing Service Providers
The document defines a payment processing service provider as an institution providing services such as forwarding payment requests, authorizing requests on behalf of payment service providers, and clearing monetary claims. It establishes three categories of providers based on their registered office location: within the Netherlands, in a designated state, or in a non-designated state. The authorization obligation is waived for providers in designated states if their business conduct is subject to supervision that sufficiently safeguards interests protected by the Financial Supervision Act.