MOB outcomes of the Third Evaluation of the Switching Service

Press release
Date 2 December 2011

 

The National Forum on the Payment System (MOB)

  • endorses the results of the Third Evaluation of the Switching Service 2011: Easy to move your current account.
  • draws attention to micropayments.
  • closely monitors availability of the PIN payment system

These are the main outcomes of the half-yearly meeting of the National Forum on the Payment System (MOB) held on 30 November 2011.

The National Forum on the Payments System endorses the outcomes of the Third Evaluation of the Switching Service 2011: Easy to move your current account.

According to the Forum, the goal of the Switching Service has been more than fully achieved:

  • users gave the service an average score of 8.5 out of ten, indicating that convenience was their main motivation for using the service
  • applications for the service may be submitted directly to the new bank, generally when opening a new account
  • strikingly, the main motivation for opening a new current account at another bank is not so much a bank’s current account services but notably its general policy towards investments or bonuses etc.

The Forum draws attention to micropayments

The legal purchase of music, films or games call for a quick, easy and affordable payment system (relative to payments of EUR 0.01 to EUR 5). The Forum draws attention to this requirement and calls generally on payment services providers to come up with a solution. The media industry is asked to discuss its requirements and wishes with payment services providers. 

The Forum closely monitors availability of the PIN payment system

The PIN payment chain is made up of numerous links that are essential in enabling a successful payment transaction. The increasing number of electronic transactions in retail payments places high demands on the availability of the PIN payment chain. Disruptions result in immediate losses for business owners owing to lost turnover and jeopardise security in stores. The Forum closely monitors availability of the PIN payment system.

What is the National Forum on the Payment System?

The National Forum on the Payment System was set up by the Minister of Finance in 2002 to promote the social efficiency of the Dutch payments system. The Forum is a broadly-based organisation comprising bodies that represent payment providers and users. De Nederlandsche Bank chairs the Forum and operates its secretariat. The Forum meets twice a year.

For more information please contact Flore Kraaijeveld (+31 20 524 3091, +31 63102 8860).