Betaaljournaal 26

Newsletter Dutch Payments Association

The start of the new year is behind us, and the Payments Association is working hard on its main tasks for 2024. For cash, both European and Dutch domestic legislation are in the pipeline. To raise the status of the euro as legal tender, a European regulation was published last year and will be adopted soon. The proposed Dutch ‘Wet chartaal betalingsverkeer’ (cash payments act) has now been made public for consultation. Together with our members and stakeholders, we will soon file a response.

A new European regulation on Instant Payments is also being worked on. Although Instant Payments are the new normal in the Netherlands, Dutch payment service providers will have to work hard in the coming year to comply with the new rules and regulations. We will be happy to help them. The political process for the successors to PSD2 is progressing steadily, for PSD3 and the Payment Services Regulation. We are intensively discussing this with our members and with the regulator in Brussels.

Lastly, our initiatives for Accessible Banking are fully up to speed, including the recent launch of the new collective website for and about banking information points. Altogether we had a flying and exciting start of the new year.

I hope readers of our Payments Journal were also able to energetically follow up on their good intentions for 2024. Please check our agenda at the bottom of this newsletter and I hope to welcome you to one or more of our meetings in the coming year. Our next stakeholder forum, on card payments and giro payments, is already on March 4.

Gijs Boudewijn, managing director

 

European Parliament approves Instant Payments Regulation

Europees parlement

The European Parliament has approved the Instant Payments Regulation on February 7, 2024. MEP’s voted overwhelmingly in favor of the bill, with 599 out of 705 members. The new regulation can now soon enter into force. Reporting MEP Michiel Hoogeveen (Group of European Conservatives and Reformists) said of the agreement, “The Instant Payments Regulation marks the long-awaited modernization of payment transactions in the European single market. With Instant Payments we have collectively achieved something that really benefits people and businesses: transferring money within 10 seconds at any time of the day.”

For a thorough interpretation of the regulation and its implications for payments, please refer to our comprehensive article (in Dutch).

 

Full house for meeting on Instant Payments

On January 16, we organized an informative meeting on the Instant Payments Regulation for members and other stakeholders.

During the meeting, experts from the Payments Association and the Dutch Banking Association offered insights into the main requirements of the regulation. In addition, Roel Stawski of Van Lanschot Kempen shared his experiences with their Instant Payments implementation project. This led to valuable interaction and discussion with the attendees.

We support our members in complying with the regulation, for instance by offering information and assistance. For questions or to subscribe to our special newsletter on this topic, please contact us at IPRegulation@betaalvereniging.nl.

 

Contactless mobile payments still on the rise

Persoon betaalt contactloos met mobiel aan betaalautomaat.

Across the board, the number of payment transactions increased in 2023. In particular, the use of smartphones to make payments increased sharply onze again. By the end of the year nearly four in ten point-of-sale debit card payments were made with a mobile phone or smartwatch. Checking in and out in public transport with a contactless debit or credit card is firmly embraced: three out of ten travelers who check in for the basic fare (without discounts) now do so with a payment card, phone or smartwatch.

 

Bill of law on cash payments for consultation

Sunglasses reflecting euro banknotes and coins.

On Friday, January 26, the Dutch Ministry of Finance presented a bill of law on cash payments for consultation (in Dutch). This legislation will replace the Cash Covenant from April 2022 (in Dutch) in due course.

These are the key points of the bill:

  • Obligation for major banks to maintain a nationwide basic ATM infrastructure.
  • Access to this cash infrastructure at set maximum rates.
  • Free withdrawal and deposit of banknotes for consumers; banks with less than 50,000 payment accounts in the Netherlands are excluded.
  • Banks with more than 40,000 accounts active in the Netherlands must report on their cash services to De Nederlandsche Bank (DNB).
  • To ensure the continuity of cash-in-transit (CIT) services, DNB will monitor larger CIT providers, including their mandatory reporting on their financial health.
  • Compliance with this new legislation is supervised by DNB.

Responses to the consultation can be submitted to the ministry until March 8, 2024. We are preparing a substantive response together with our most affected members. We expect that some members will also respond individually, as the individual impact may differ.

 

Bankinformatiepunt.nl: online starting point for banking assistance

The Accessible Banking program launched a joint online starting point for banking assistance on January 9: Bankinformatiepunt.nl (In Dutch). This website is for people who have trouble banking on their own and for everyone who supports them. With Bankinformatiepunt.nl we, together with our members and the Dutch Banking Association, draw attention to collective and individual assistance with banking matters. Take a look and please notify others about the website!

To mark the launch, we organised a webinar also highlighting other activities within the program. These include 150 workshops [link to website] around the country until the end of the year, pilot 2.0 with banking information points in public libraries, and educational materials such as the DigiHandig app and manuals for ‘digistarters’. We are collectively committed to ensuring that everyone can manage their daily banking and keep up with new developments.

 

Legal aspects of the payment system

Over 20 legal specialists from a dozen different banks and payment institutions were taking lectures at the Dutch Payments Association in Amsterdam on February 9. In cooperation with the law faculty of Erasmus University Rotterdam, we organized a one-day lecture on ‘Legal aspects of the payment system’. We regularly organize meetings and activities for members and non-members. This custom lecture is the most recent example.

 

Vlogs from Joan: from worrying to proficiency

Digital banking is constantly evolving, offering new opportunities for efficiency and convenience. In her educational vlog series on ToegankelijkBankieren.nl, expert by experience Joan gives a glimpse into the practicalities of modern banking. Her first vlog “I can bank online now! (In Dutch)” shows the transition to online bank transfers and how this transition can be much more accessible than anticipated. In her next vlog “Jitters when transferring large sums of money (In Dutch)?” Joan addresses the topic of large transfers and offers three tips for increased reliability and security. With her personal experiences, Joan offers a source of recognition and practical tips.

Figures

 

Agenda

  • March 4 – Stakeholder Forum, Amsterdam
  • March 7 – Future of payments, Beurs van Berlage
  • March 17 – ISO 20022 migration
  • March 19 to 21 – ECPA 7th International Conference of Regional Card Schemes & Retail Financial Market Infrastructure, Lisbon
  • April 18 – Board meeting
  • May 16 – Maatschappelijk Overleg Betalingsverkeer (societal forum on payments)
  • May 16 – General Members’ Assembly, Amsterdam
  • June 10 – Stakeholder Forum, Amsterdam
  • June 4 to 6 – Money 20/20, Amsterdam
  • 18/19 June – EBA Day, Lisbon
  • June 27 – Board meeting

 

Member Bulletins

In addition to this Betaaljournaal, the Dutch Payments Association issues Member Bulletins. These bulletins usually appear a few times a month and relate to a specific topic. If you are a member and you do not yet receive these bulletins, you can subscribe to the mailing list via secretariaat@betaalvereniging.nl.

 

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