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Payments and financial transactions

Everyone in the Netherlands must be able to make problem-free cash, PIN and internet payments. Banks have made agreements to make payment transactions as smooth as possible. The government intervenes if necessary.

The Netherlands is preparing for the introduction of the Single European Payment Area. The government also protects consumers from the risks of complex financial products.

Payment transactions in the Netherlands

Banks in the Netherlands develop payment products to meet the needs of consumers and businesses. These products must be safe, reliable and accessible.

Currence

Currence was established by eight Dutch banks in 2005. It is the owner of the uniform payment products PIN, Chipknip, Acceptgiro, Incasso/Machtigen and iDEAL (online payments). To protect the products’ integrity and reliability and the quality and safety of payment transactions in the Netherlands, new parties entering the payment products market or wanting to offer Currence’s payment products must observe Currence’s conditions.

Single Euro Payments Area

The Netherlands is preparing for the introduction of the Single Euro Payments Area (SEPA) , in which euro payments can be made using a single account and a single set of payment instruments.

The transition from national to European payment transaction standards is a comprehensive and lengthy process. An important step was taken on 1 November 2009 with the introduction of the Payment Services Directive (PSD) , the legislative framework for the Single Euro Payments Area.

To transpose the directive into law, the Dutch General Banking Conditions and payment transaction conditions have been amended. The EU is now preparing a decision on the final date for the changeover to European standards.

Complex financial products and the financial information leaflet

Financial institutions (such as banks, insurance companies and investment firms) in the Netherlands must make a financial information leaflet for complex financial products. These products are often a combination of savings, loans, investments and insurance, such as savings-based mortgages, investment-based mortgages and investment-related insurance products.

Financial information leaflets explain the products’ risks, potential yield, costs and commitments to consumers. Consumers themselves must request the financial information leaflet.

Under the Financial Supervision Act (WFT), advertisements, like financial information leaflets, must also warn consumers of the risks of complex financial products.