Currence is a Dutch association set up the banks that coordinates the

payment systems A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make its exchange possible.Bi ...

in the Netherlands. Its aim is to "facilitate and provide market transparency while maintaining the quality and safety of the

payment system A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make its exchange possible.Bi ...

s of the Netherlands." Currence's CEO is Piet Mallekoote.

History

Currence was founded on 1 January 2005 through an initiative by eight Dutch banks (

ABN AMRO ABN or abn may refer to: Companies * ABN AMRO Group, a Dutch bank group * ABN AMRO, sometimes referred to as "ABN" in shorthand, is a Dutch state-owned bank * Algemene Bank Nederland, a now-defunct Dutch bank Radio, news and television organiza ...

Rabobank Rabobank (; full name: ''Coöperatieve Rabobank U.A.'') is a Dutch multinational banking and financial services company headquartered in Utrecht, Netherlands. The group comprises 89 local Dutch Rabobanks (2019), a central organisation (Raboban ...

, ING Groep, Fortis,

SNS Bank De Volksbank () is a Dutch retail bank offering financial products to both companies and individuals. Prior to a 2017 restructuring, it was called SNS Bank, which remains its major brand name. It became a subsidiary of SNS Reaal in 1997 when the ...

, BNG, Friesland Bank and

Van Lanschot Kempen Van Lanschot Kempen N.V. is a specialised, independent wealth manager that provides private banking, investment management and investment banking services to wealthy individuals and institutions. It is headquartered in 's-Hertogenbosch, the Nether ...

). It was originally known as ''Brands & Licences Betalingsverkeer Nederland B.V.'' during its development stage and was renamed as Currence from the 17 May 2005.

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 A pin is a device used for fastening objects or material together. Pin or PIN may also refer to: Computers and technology * Personal identification number (PIN), to access a secured system ** PIN pad, a PIN entry device * PIN, a former Dutch ...

Chipknip Chipknip (a portmanteau of ''chip card'' and ''knip'', Dutch for purse) was a stored-value payment card system used in the Netherlands. Based on the Belgian Proton system, it was started by Interpay on October 26, 1995, as a pilot project in ...

, Acceptgiro, Incasso/Machtigen and

iDEAL Ideal may refer to: Philosophy * Ideal (ethics), values that one actively pursues as goals * Platonic ideal, a philosophical idea of trueness of form, associated with Plato Mathematics * Ideal (ring theory), special subsets of a ring considere ...

, 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

* Payment systems organizations Financial services in the Netherlands Banking organizations 2005 establishments in the Netherlands {{Netherlands-org-stub