Currence

Currence is a Dutch trade association set up by banks that coordinates the payment systems in the Netherlands. Its aim is to "facilitate and provide market transparency while maintaining the quality and safety of the payment systems of the Netherlands."

Currence is the brand owner of a number of the Dutch payment systems that included PIN, Chipknip until these were discontinued, Acceptgiro, Incasso/Machtigen and up until 2023 iDEAL.

History

Currence was founded on 1 January 2005 through an initiative by eight Dutch banks ( ABN AMRO, Rabobank, ING Groep, Fortis, SNS Bank, BNG, Friesland Bank and Van Lanschot Kempen). It was originally known as ''Brandts & Licences Betalingsverkeer Nederland B.V.'' during its development stage and was renamed as Currence from the 17 May 2005.

Currence's CEO was Piet Mallekoote between 2013 and 2021 when he retired, he was followed by Daniel van Delft as CEO.

In April 2023, Currence agreed for European Payments Initiative (EPI) to acquire the iDEAL payment system to build a European wide system. The key members of the Currence and shareholders in iDeal are also shareholders in EPI.

Aims and responsibilities

It is responsible for coordinating payment methods and facilitating cooperation between payment providers by providing standards and transparency while maintaining the quality and safety of the payment systems in the Netherlands.

It attempts to do this by setting clearly defined standards for all parties wishing to use the Currence payment products, PIN, Chipknip, Acceptgiro, Incasso/Machtigen and iDEAL, are able to operate. To create a level playing field it sets clear rules and regulations relating to product use and the product environment and regulates and supervises participants.

References

External links

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Payment systems organizations
Financial services in the Netherlands
Banking organizations
2005 establishments in the Netherlands

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