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17 December 2013 Supervision Supervision label Factsheet

A settlement agent is defined as one that provides payment processing services.

A payment processing service provider is an institution that provides payment processing services. These include:
◾Switching the requests for payment order authorisation
◾Authorising those requests on behalf of a payment service provider
◾Clearing

Clearing involves determining monetary claims or obligations of payment service providers in keeping with the payment instructions of payment service users.

Categories of payment processing service provider
There are three categories of payment processing service provider:
◾Payment processing service provider that have their registered office in the Netherlands.
◾Payment processing service provider their registered office in a designated state.
◾Payment processing service provider that have their registered office in a non-designated state.

The authorisation obligation does not apply to payment processing service provider that have their registered office in a state designated by the Minister of Finance where the conduct of the business of payment processing service provider for payment service providers which do not belong to the same group as the agent is subject to supervision, if such oversight sufficiently safeguards the interests which the Financial Supervision Act (Wet op het financieel toezicht or Wft) is intended to protect.