Rabobank removes access restrictions for payment service providers following discussions with ACM
Dutch bank Rabobank has removed access restrictions for payment service providers following discussions with the Netherlands Authority for Consumers and Markets (ACM). Payment service providers allow retailers to offer various payment methods to consumers, both online and offline. Consumers are additionally able to wire money internationally through payment service providers,. Payment service providers need a business account with a bank in Europe in order to gain access to the European payment system. ACM had received reports from payment service providers that were unable to do business with Rabobank. Specific rules have been included in the Payment Service Directive II (PSD2) for banks, aimed at offering payment service providers such access. ACM enforces compliance with these rules. Following discussions with ACM, Rabobank made changes to certain elements of its policy, and removed barriers to entry for payment service providers.
Martijn Snoep, Chairman of the Board of ACM, explains: “New payment service providers must be able to enter the payments market. That promotes competition on the payments market, and leads to more innovation and more options for consumers and retailers.”
Access to payment services
ACM had received multiple reports from payment service providers that were told by Rabobank that they could not open a bank account there. As a consequence, they were unable to offer payment services. Following discussions with ACM, Rabobank changed several key elements of its admission policy for payment service providers. For example, Rabobank will no longer put admission applications from payment service providers ‘on hold’. In addition, Rabobank will no longer set unnecessary financial requirements and acceptance conditions such as high turnover thresholds. This will make it more likely, for example, for startups to be able to open to a bank account. Rabobank has informed payment service providers that had previously filed admission applications for bank accounts of the changes to its admission policy.
ACM emphasizes that the PSD2 applies to all banks. Other banks, too, must bring their admission policies in line with the PSD2.
Enforcement of PSD2
PSD2 is the abbreviation of the Payment Services Directives II. This is a European directive that makes more competition and innovation in the payments market possible. Banks themselves are active on this market, but they must also grant non-banking competitors with ‘payment service provider’ licenses access to the underlying infrastructure that is needed for being able to offer payment services. As a result, new companies that enter the payments market will have the opportunity to offer payment services to retailers and consumers. This results in increased options for retailers and, ultimately, for consumers.
ACM enforces compliance with the rules regarding the admission of payment service providers to payment systems, and enforces the prohibition on surcharges for the use of payment methods. In this sector, ACM additionally enforces compliance with the competition rules.
If you have any experience with restricted access to payment services for payment service providers or with unfair competition, please consider filing a report with ACM:
See also
- Access to payment systems | ACM.nl (in Dutch)
- Submitting your tip-off or indication to ACM | ACM.nl