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.
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Since 1 January 2014 entities are not permitted to carry on the business of payment processing service provider in the Netherlands without an authorisation of De Nederlandsche Bank (DNB) if they settled over 120 million cashless payment transactions in the previous calendar year. The prohibition is contained in section 2:3.0b of the Financial Supervision Act (Wet op het financieel toezicht or Wft). Under the Wft DNB is responsible for supervising and granting authorisations to payment processing service provider.
Published: 17 December 2013
Any payment processing service provider that provides settlement services in the Netherlands and settled over 120 million cashless payment transactions in the previous calendar year must have an authorisation issued by DNB, unless it is incorporated in a state designated by the Minister of Finance.
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