Regulatory Alerts2013-12-17
Added · Updated
Introduction to payment processing service provider
Entities settling over 120 million cashless payment transactions in the previous calendar year must obtain authorization from De Nederlandsche Bank (DNB) to operate as payment processing service providers in the Netherlands. This prohibition, effective since 1 January 2014, is established under section 2:3.0b of the Financial Supervision Act. The requirement applies to providers offering settlement services in the Netherlands, excluding those incorporated in states designated by the Minister of Finance.