Introduction to payment processing service provider

Since 1 January 2014 entities are not permitted to carry on the business of payment processing service provider in the Netherlands without an authorisation of De Nederlandsche Bank (DNB) if they settled over 120 million cashless payment transactions in the previous calendar year. The prohibition is contained in section 2:3.0b of the Financial Supervision Act (Wet op het financieel toezicht or Wft). Under the Wft DNB is responsible for supervising and granting authorisations to payment processing service provider.