Annual Report Currence 2015 Contents Contents Key Figures Annual Report
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Please note: If you open this file with Adobe Reader the navigation bar will not be printed. Other software to read a PDF file might not support this functionality. Contents Key figures Annual Report Contents 2 Currence profile 3 Organisation and keyfigures 2015 10 Statement from the Supervisory Board 11 Currence Holding B.V. Annual Account 12 Report from the Executive Board 15 Currence products 15 iDEAL 31 Acceptgiro 33 Incasso (direct debit) 35 Explanation of the structure, organisation and goverance of the company ‘Currence’ is not an existing English word, but combines associations with ‘currency’ (in the sense of ‘money’) and ‘current’ (in the sense of both ‘present’ and ‘flow’) to suggest contemporary monetary flows. ‘Currence’ therefore stands for efficient, state-of-the-art electronic payment systems. As part of the word ‘concurrence’, it has connotations of co-operation. ‘Currence’ is also related to the term for ‘competition’ in several European languages, which is appropriate, given that one of Currence’s main objectives is to foster competition. 1 • Annual Report Currence 2015 Contents Contents Key figures Annual Report Currence profile Currence is the owner of the Dutch uniform payment products iDEAL, Acceptgiro, Incasso (in 2015, exclusively lottery direct debit), and eMandates (from 2016). Currence’s aim is to facilitate competition and increase transparency in uniform payment systems in the Netherlands, while maintaining high standards of quality, efficiency and security of the uniform payment products. In dialogue with all interested parties, Currence sets objective rules for its payment products. It issues licences and certificates to established players in the market and new market entrants that comply with these rules and wish to offer Currence payment products in the market or to provide support services. To ensure the quality and security of its products, Currence supervises market parties’ compliance with its rules and regulations. It also works closely with all interested parties to prevent fraud. Currence provides public information and brand promotion, also based on market research, and positions its payment products as secure, convenient and efficient. The payments market is a dynamic one. The pace of internationalisation and technological development is high. Changing markets and customer requirements are the basis for the policy and the further development of Currence payment products. The establishment of the Single Euro Payments Area (SEPA) has resulted in outdated national products being largely replaced by European variants. The development of new payment methods has also led to the introduction of new national products. Currence is an autonomous organisation with governance that ensures its independence. Currence was formed in 2005 as a result of an initiative by eight Dutch banks, prompted in part by the recommendations of the Wellink Commission in 2002 to promote greater transparency and competition in payments. The formation of Currence created a new market model in Dutch payments, in which product ownership and regulation are separated from transaction processing. 2 • Annual Report Currence 2015 Currence profile Contents Key figures Annual Report Organisation & key figures 3 • Annual Report Currence 2015 Organisation & key figures 2015 Contents Key figures Annual Report Organisation & key figures 2015 Board members Executive Board Drs Piet M. Mallekoote Supervisory Board Name born function appointed steps down Mr Rien Hinssen 1956 Former member of the Executive Board of SNS REAAL 2014 2018 Drs Sjors Kruiper 1959 CFO Royal Fruitmasters Group 2015 2019 Currence Holding B.V. and subsidiaries Currence Incassomachtigen B.V. Currence Holding B.V. added to the Holding as of 1 January 2016 Acceptgiro B.V. Currence Incasso B.V. Currence iDEAL B.V. 4 • Annual Report Currence 2015 Organisation & key figures 2015 Contents Key figures Annual Report iDEAL Licensees and Certificate Holders Institutions 2014 2015 iDEAL Licensees 12 13 iDEAL Certificate Holders 48 58 Acceptgiro Licensees and Certificate Holders Institutions 2014 2015 Acceptgiro Licensees 21 18 Acceptgiro Debit Processors 4 4 Acceptgiro Credit Processors 4 4 Clearing House Acceptgiro 1 1 Acceptgiro Printers 22 23 Acceptgiro Service Bureaus (printed) 241 243 Acceptgiro Service Bureaus (digital) 11 12 Incasso Licensees and Certificate Holders Institutions 2014 2015 Incasso Licensees 9 6 Incasso Debit Processors 2 2 Incasso Credit Processors 2 2 Incasso Clearing House 1 1 5 • Annual Report Currence 2015 Organisation & key figures 2015 Contents Key figures Annual Report Key figures iDEAL iDEAL transactions 2010 68.84 miljoen 2011 93.87 miljoen 2012 117.22 miljoen 2013 142.54 miljoen 2014 180.21 miljoen 2015 222.06 miljoen iDEAL transaction 2010 4.98 miljard turnover in euro 2011 6.87 miljard 2012 8.83 miljard 2013 10.80 miljard 2014 14.13 miljard 2015 18.07 miljard 6 • Annual Report Currence 2015 Organisation & key figures 2015 Contents Key figures Annual Report Key figures Incasso Incasso transactions 2010 1.31 miljard 2011 1.34 miljard 2012 1.34 miljard 2013 1.19 miljard 2014 0.15 miljard 2015 * Incasso transaction 2010 288.01 miljard turnover in euro 2011 297.21 miljard 2012 297.88 miljard 2013 263.17 miljard 2014 31.84 miljard 2015 * * Concerns only Dutch lottery direct debit transactions. Numbers unknown. 7 • Annual Report Currence 2015 Organisation & key figures 2015 Contents Key figures Annual Report Key figures Acceptgiro Acceptgiro transactions 2010 151.50 miljoen 2011 139.12 miljoen 2012 133.58 miljoen 2013 122.10 miljoen 2014 30.03 miljoen 2015 23.98 miljoen Acceptgiro transaction 2010 61.22 miljard turnover in euro 2011 62.03 miljard 2012 63.42 miljard 2013 49.83 miljard 2014 ** 2015 ** ** Since the introduction of SEPA Acceptgiro payments are processed as SEPA Credit Transfers and are therefore indistinguishable from normal giro transfers. 8 • Annual Report Currence 2015 Organisation & key figures 2015 Contents Key figures Annual Report Annual Report 9 • Annual Report Currence 2015 Annual Report Contents Key figures Annual Report Statement from the Supervisory Board The Supervisory Board advises the Executive Board and monitors its policy in the interest of the company and the individual payment-product companies. The Supervisory Board takes account of the interests of all stakeholders in this regard. The Supervisory Board met on nine occasions in 2015. During the regular meetings, the Supervisory Board discussed in particular the phasing out of Chipknip and improving the availability of iDEAL. It also paid attention to the reorganisation of the financial administration. In this context, and in addition to the regular meetings, discussions took place with the Audit Committee of the Dutch Payments Association on the subject of sharing manpower. Since late last year, the financial administration of Currence, the Dutch Payments Association and the Dutch Banking Association (NVB) have been managed by the same team. The collaboration has enabled the team to expand while achieving cost savings. The expansion has resulted in a clearer distinction among the various responsibilities and ensured the interchangeability of staff. The Supervisory Board met in the absence of the Executive Board to review its own performance in the year under review, as well as that of the Executive Board. In 2015, the General Meeting of Shareholders reappointed Sjors Kruiper as a member of the Board for a period of four years. He will step down in 2019. 10 • Annual Report Currence 2015 Statement from the Supervisory Board Contents Key figures Annual Report Currence Holding B.V. Annual Account We hereby present to the General Meeting of Shareholders the company’s Annual Report and Account for the financial year running from 1 January 2015 to 31 December 2015 inclusive. The Annual Account was prepared by the Executive Board and, after being audited by KPMG Accountants N.V., was discussed by us with the Executive Board. We ask the General Meeting of Shareholders to adopt the Annual Account in accordance with the Executive Board’s proposal. In accordance with the Executive Board’s proposal and based on the provisions of the Articles of Association, we recommend that the result after tax (excluding participating interests amounting to -/-130,000 euros) be allocated to the other reserves. A further proposal to the General Meeting of Shareholders is that the dividend of 1.7 million euros distributed by the product-specific companies be added to the respective dividend reserves and subsequently paid out. Chipknip B.V. and CeaNet B.V. are being wound up. The remaining equity of these companies will be paid out on completion of the liquidation process. The Supervisory Board would like to express its appreciation for the way in which the Executive Board and the staff have carried out their responsibilities. We request that the General Meeting of Shareholders ratifies the Executive Board’s conduct of the company’s affairs in 2015, as well as the supervision exercised by our Board. Amsterdam, 29 April 2016 On behalf of the Supervisory Board, Rien Hinssen, Chairman 11 • Annual Report Currence 2015 Currence Holding B.V.