Register Settlement institution

Settlement institutions have been included in the scope of the Financial Supervision Act (Wet op het financieel toezicht or Wft) with effect from 1 January 2014.

Settlement institutions provide settlement services. The Wft defines settlement services as operations aimed at:
a. the relay by a party other than a communications network provider of requests related to payment order authorisation;
b. authorisation of requests as meant under a, on behalf of a payer’s payment service provider; or
c. netting.

Carrying on the business of a settlement institution requires the authorisation of De Nederlandsche Bank (DNB) if the institution carried out more than 120 million funds transfers in the previous calendar year.

All other settlement institutions must register with DNB. In addition, they must inform DNB annually before 1 March of the number of funds transfers in the Netherlands that involved their settlement services in the previous year.

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