DOCSLIB.ORG

20180607 NACHA Conference

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
20180607 NACHA Conference Faster Payments Reality in Europe & the Future of Cross Border Payments Observations on ongoing developments Michael Steinbach CEO equensWorldline and Managing Director Worldline Financial Services Payments Innovation Alliance 7 June 2018 © equensWorldline About our group Financial Services and equensWorldline 2 07/06/2018 | © equensWorldline | Payments Innovation Alliance | Geneva GBL Financial Services – ID card Connecting payers and payees via any type of electronic transaction * pro forma figures 2017 3 07/06/2018 | © equensWorldline | Payments Innovation Alliance | Geneva Faster cross-border Account-to-Account payments © equensWorldline Industry trends Putting pressure on traditional banking revenue pools Customer behavior New technologies Payments revenue pools of traditional products under Mobile APIs pressure Cross channel Biometrics New products (e.g. Instant Better User Experience Artificial Intelligence Payments) a “ new normal ” Speed Distributed Ledgers Increase in investment Key budgets : IT (including drivers and Macro trends Digitization, Globalization, Connectivity compliance and security) as enablers main spending domain PSD2 New business models Instant Payments Disintermediation GDPR Competition increase Banks are making eIDAS also w. peer banks strategic partner decisions to unlock new revenue pools New regulation Competition and reduce TCO on back-office 5 07/06/2018 | © equensWorldline | Payments Innovation Alliance | Geneva SWIFT used to be the default For cross border payments Payer Payer Bank SWIFT Messaging infrastructure Bank Payee Payee Bank Bank Todays cross-border payments are perceived as high cost, slow and inefficient 6 07/06/2018 | © equensWorldline | Payments Innovation Alliance | Geneva Multiple cross-border payment initiatives Forcing banks to maintain access to various instant payments networks DLT * Fintech Incremental Instant disruptive service service Payment alternatives offerings renewal ACH services e.g. Ripple e.g. TransferWise e.g. SWIFT gpi e.g. EU and beyond The new kid on the block * DLT = Distributed Ledger Technology 7 07/06/2018 | © equensWorldline | Payments Innovation Alliance | Geneva Instant ACH payments started domestic EU payments speeding up from days, to D+1, to D+5… seconds European initiatives towards instant payments Finland - Unbranded Poland - Express Elixir Greece - IRIS (Extension) Poland - Blue Cash Latvia - EKS Instant Payments Hungary Switzerland Sweden - Swish Italy - ZAC Spain - SCT Inst Netherlands SIC 2008 2012 2014 2015 2016 2017 2018 2019 United Kingdom Denmark - MobilePay Spain - Bizum Belgium Portugal Faster Payments Greece - IRIS France - Paylib Romania Italy - Jiffy Ireland Slovenia - BIPS EU cross-border instant initiatives: TIPS, RT1 and EACHA Interoperability Framework Source: Company research and Lipis Advisors 8 07/06/2018 | © equensWorldline | Payments Innovation Alliance | Geneva The challenge of becoming cross-border Requires a full interoperability framework, not Just messaging standards Legal ; interoperability contract Compliance ; Regulatory approval to needs to be in place be obtained Settlement ; Payment finality Reach ; Insight in participation and needs to be defined reachability to be set up Risk management ; needs to be Data communication : Network, agreed and performed protocols and security to be aligned ACH Cross-border Instant Payments cannot only be achieved via an interoperability framework but also via system and scheme consolidation . E.g. the P27 initiative of 7 maJor Nordic banks aiming to consolidate both scheme and systems 9 07/06/2018 | © equensWorldline | Payments Innovation Alliance | Geneva Resulting in disappearing differentiation Payments processing experience identical for x-border and domestic Cross-border EU payment Cross-border payments processing experience processing is changing will see maJor changes, rendering them equal to domestic payments Standardization Low cost Commoditization Quick And now also Instant Efficient 10 07/06/2018 | © equensWorldline | Payments Innovation Alliance | Geneva Network selection depends on use case Short to mid term will not see a global winner-takes-all DLT 1 ° Many different channels / networks creating high complexity DLT … ° High running costs SWIFT ° Massive investments required without SWIFT gpi additional revenues ACH 1 ° Single bank consolidation will lead to sub-scale at best not to competitive scale ACH … … ° Provided services are non-differentiating 11 07/06/2018 | © equensWorldline | Payments Innovation Alliance | Geneva Banks need customer facing differentiation And lower TCO on non-differentiating back-office and C&S War on customer relation Open Payment platforms Race for scale and low price Banking transformation Key characteristics Key characteristics ° Threat of disintermediation ° Commoditization rd Customer User Back-office Clearing & ° Need to work with 3 parties: Experience Processing Settlement ° Standardization new revenue models / ° Industrialization streams ° Provide A-class user E.g. Expected required account experiences payments volume to be competitive >20bn trx/yr Need to be extremely agile and excel in innovation 12 07/06/2018 | © equensWorldline | Payments Innovation Alliance | Geneva Thanks For more information contact:please contact: Michael Steinbach CEO equensWorldline & Managing Director Financial Services Worldline T +49 171 381 7695 E [email protected] equensWorldline is an expert leader in e-payment services and a registered trademark of Worldline. Confidential information owned by equensWorldline, to be used by the recipient only. This document, or any part of it, may not be reproduced, copied, circulated and/or distributed nor quoted without prior written approval from equensWorldline. © equensWorldline.
Load more

Recommended publications
  • Ecommerce Connectors Overview
    eCommerce Connectors Overview Global Coverage September 24th, 2021 Global Coverage eCommerce Connectors Overview eCommerce Connectors Overview The eCommerce Connectors Overview is an alphabetical listing of all the connectors in the ACI global network. Card acquirers are listed first, followed by alternative payment methods. Listings include each connector’s main office location(s). Card Acquirers CONNECTOR NAME FINANCIAL LICENSES ISSUED IN Absa Bank | Absa Bank Limited South Africa Abu Dhabi Islamic Bank | Abu Dhabi Islamic Bank (ADIB) United Arab Emirates [UAE] acquiring.com | Trust Payments (Malta) Limited United Kingdom [UK] AIB Merchant Services | First Merchant Processing (Ireland) DAC Ireland Al Rajhi Bank | Al Rajhi Bank Saudi Arabia Alfa Bank, OJSC Russia Aman Bank Libya American Express | American Express International Inc. United States of America [USA] American Express Company (KSA) Saudi Arabia ANZ Bank | Australia and New Zealand Banking Group Limited Australia Arab African International Bank (AAIB) Egypt Arab National Bank Saudi Arabia Atlas Banka AD Montenegro Bambora | Bambora AB Sweden Banco Bilbao Vizcaya Argentaria (BBVA) Spain Banco de Oro, BDO Unibank, Inc. Philippines Banco Nacional Ultramarino (BNU) Macau Banco Sabadell | Banco de Sabadell, S.A. Spain Bank AlJazira | Bank Al Jazira Saudi Arabia Bank Asya Turkey Bank Audi Lebanon Bank Central Asia (BCA) Indonesia Bank Denamon Indonesia Bank Frick & Co. AG | Ceevo Financial Services (Malta) Limited Liechtenstein Bank Internasional Indonesia (BII) Indonesia Bank Islam Malaysia Berhad (BIMB) Malaysia Bank Muscat Oman Bank of America Merchant Services United States of America [USA] Bank of New Zealand New Zealand Bank of Queensland Australia Bank of the Philippines Islands (BPI) Philippines © September 24th, 2021 ACI Worldwide.
    [Show full text]
  • April 12Th 2021 Cleansing Statement
    NEXI S.P.A. Corso Sempione 55 20149, Milan Italy PRESS RELEASE Milan (Italy)—April 12, 2021 Nexi S.p.A., a società per azioni incorporated under the laws of Italy (“Nexi” or the “Issuer”), announced today that it it intends to offer approximately €2,100 million in aggregate principal amount of unsecured Senior Notes consisting of Senior Notes due 2026 and Senior Notes due 2029 (collectively, the “Notes”). In connection with the offering of the Notes, the Issuer disclosed certain information, including certain pro forma financial information and non-GAAP financial information of the Issuer, Nets Topco 2 S.à r.l. and its subsidiaries and SIA S.p.A. and its subsidiaries as of and for the years ended December 31, 2020 and 2019, to prospective holders of the Notes. A copy of such information is hereby disclosed to the Issuer’s shareholders and to the holders of the Issuer’s existing indebtedness and is attached hereto as Exhibit A (the “Information Release”). The Notes will be offered only to non-U.S. persons outside the United States in connection with offshore transactions complying with Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws. **************** This announcement contains information that prior to its disclosure may have constituted inside information under European Union Regulation 596/2014 on market abuse.
    [Show full text]
  • Worldline 2019-21 3-Year Plan
    Worldline 2019-21 3-year plan Gilles Grapinet, Chief Executive Officer Marc-Henri Desportes, Deputy CEO Eric Heurtaux, Chief Financial Officer 1 Disclaimer This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group's expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors behaviors. Any forward-looking statements made in this document are statements about Worldline’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Worldline’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2017 Registration Document filed with the Autorité des Marchés Financiers (AMF) on March 21, 2018 under the filling number: D.18- 0163, and its update filed with the AMF on August 1, 2018 under the registration number: D.18-0163-A01. The Group’s financial information relating to the financial year ended December 31, 2018 included in this document have been prepared using a process similar to that adopted for the preparation of the Group’s annual consolidated financial statements but are not yet audited. The Board of Directors of Worldline SA has examined at its January 29, 2019 meeting the Group’s financial information for the financial year ended December 31, 2018 and has approved their communication.
    [Show full text]
  • Capstone Headwaters Fintech & Payments M&A Coverage Report Q3 2019
    Capstone Headwaters FINANCIAL TECHNOLOGY & PAYMENTS Q3 2019 TABLE OF CONTENTS FINANCIAL TECHNOLOGY INDUSTRY OVERVIEW FinTech Industry Overview Year-to-date (YTD) 2019 continues to see strong deal volume and financing across the Financial Technology (FinTech) industry. In Q3, 83 mergers and Payments Industry Overview acquisitions (M&A) were completed in the space and 224 transactions were Unicorns completed YTD. Notable IPOs Financing markets in 2019 have been extremely active. FinTech financings are Select Transactions on pace to have the most active year in terms of total volume of financings in FinTech Coverage Verticals the history of the vertical. This has been driven by numerous late-stage mega- Multiples By Sector rounds ($100 million+) for FinTech startups. While late-stage mega-rounds ran rapid this quarter, early-stage venture capital backed funding dropped quarter- Public Company Data over-quarter. Firm Track Record Notable mega-round financings in Q3 included Klarna, an online payments and CONTRIBUTORS point-of-sale (POS) lender. Klarna received a $460 million equity fundinground led by Dragoneer Investment Group, valuing Klarna at $5.5 billion, post-money. Additionally, C2FO raised $200 million in financing led by SoftBank Vision Fund, David Francione valuing C2FO at $1.3 billion, post-money. Managing Director 617-419-2040 M&A Activity: Financial Technology [email protected] 150 Michael J. Warren 121 109 Analyst 96 100 86 978-587-7920 85 77 83 [email protected] 64 50 Number of Transactions 0 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Source: Capital IQ, PitchBook, and Capstone Headwaters Research 3 www.capstoneheadwaters.com October 2019 Financial Technology & Payments | Q3 2019 PAYMENTS INDUSTRY OVERVIEW – B2B OFFERS SIGNIFICANT GROWTH OPPORTUNITY M&A activity in the Payments industry remained strong with a total of 44 transactions completed in Q3 2019 and 133 transactions completed through YTD 2019.
    [Show full text]
  • Four Generations' Innovation Needs
    HOW EASTERN LABS MEETS Four Generations’ Innovation Needs FEATURE STORY NEWS & TRENDS DEEP DIVE Why FIs should frame NatWest introducing biometric How FIs are using biometrics technological06 innovation as mobile payments09 for business and AI to enhance14 security a ‘precision tool, not a blunt customers without introducing frictions instrument’ J U N E 2019 © 2019 PYMNTS.com All Rights Reserved 1 DIGITAL BANKINGTRACKER TABLE OF CONTENTS What’s Inside 03 How financial institutions are innovating digital security tools to better engage customers who expect faster banking experiences Feature Story An interview with Ashley Nagle Eknaian, chief digital strategist and head of Eastern 06 Bank innovation unit Eastern Labs, on how the FI is approaching innovation and technologies like AI to satisfy different generations’ needs News and Trends The latest headlines on how banks are experimenting with digital cards, mobile apps 09 and online tools to better secure digital banking experiences Deep Dive A look at how biometrics, artificial intelligence and other tools can prevent fraud and 14 better identify customers without adding frictions Top 10 Rankings 18 The highest-ranking B2B and B2C digital banking providers Scorecard 19 See this month’s top scorers and a directory featuring more than 250 digital banking players About 157 Information on PYMNTS.com and Feedzai ACKNOWLEDGMENT The Digital Banking Tracker was done in collaboration with Feedzai, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the following findings, methodology and data analysis. © 2019 PYMNTS.com All Rights Reserved 2 What's Inside Speedy transactions and services are hallmarks of Around the digital banking world the digital banking industry, with consumers expect- Banks around the globe are using a variety of tech- ing to accomplish increasingly complex tasks faster nologies that merge speed and security to create than ever.
    [Show full text]
  • Background and Introduction
    The future of payments A European perspective Michael Steinbach CEO equensWorldline & Head of Financial Services Worldline © equensWorldline Financial Services & equensWorldline at a glance Positon in Worldline and Atos Group 2 Worldline global footprint Allowing us to act in key markets around the world EUROPE Austria, Belgium, Czeh Republic, Estonia, Finland, France, Germany, Italy, Latvia, Lithuania, Luxembourg, Poland, Slovakia, Spain, Sweden, The Netherlands and United Kingdom USA LATIN AMERICA Argentina, Brazil & Chile ASIA PACIFIC Hong Kong China, Taiwan China, India, Indonesia, Malaysia, Singapore and Australia 3 Financial Services ID Card 4 Industry trends… Putting pressure on traditional banking revenue pools Payments revenue pools of traditional products under pressure New products (e.g. Instant Payments) a “new normal” Increase in investment budgets: IT (including compliance and security) as main spending domain 5 …fundamentally change the payments market Shifting from mature local to competitive international markets 6 Going from D+1 to D+10… seconds across EU Instant payments will lead to availability of funds at payee within seconds We believe instant payments are going to revolutionize the way Europeans pay Challenging incumbent payment means Also for cross-border payments 7 Remember the days SWIFT used to be the default For cross border payments Payer Payer Bank SWIFT Messaging infrastructure Bank Payee Payee Bank Bank Todays cross-border payments are perceived as high cost, slow and inefficient 8 Multiple cross-border payment initiatives Forcing banks to maintain access to various instant payments networks DLT* Fintech Incremental Instant disruptive service service Payment alternatives offerings renewal ACH services e.g. Ripple e.g. TransferWise e.g.
    [Show full text]
  • Taking the Strain of PSD2 Off Banks: Equensworldline Bank Clients Successfully Obtained Exemption from the Fall-Back Mechanism for XS2A Dedicated Interface
    Taking the strain of PSD2 off banks: equensWorldline bank clients successfully obtained exemption from the fall-back mechanism for XS2A dedicated interface Utrecht, 19 November 2019: equensWorldline, a subsidiary of Worldline [Euronext: WLN], the European market leader in payments and transactional services industry, is proud to announce that the company has successfully supported several banks in obtaining exemption from the fall-back mechanism required under PSD2. These include Credit Europe Bank N.V., Banque de Neuflize OBC, Banque CPH and vdk Bank. The exemption, which saves the banks significant investment and resources for setting up a contingency solution, was granted as a result of their use of equensWorldline’s Digital Banking Platform. Following the PSD2 deadlines of 14 March and 14 September, several European banks based in the Netherlands, Belgium and France have already been granted an exemption from the fall-back mechanism upon evidence of their capability to provide access to their infrastructure to Third Party Providers (TPP). This exemption means that they have the required APIs ready in accordance with the Regulatory Technical Standards (RTS) prescribed by the European Banking Authority (EBA) and corresponding National Competent Authorities (NCA). Ulrich S. Dietze, Country Manager Germany and Belgium, Credit Europe Bank N.V. says: “Our close collaboration with equensWorldline has proved a significant move: Credit Europe Bank N.V. successfully applied for the exemption from the fall-back mechanism, thus avoiding a whole raft of operational and financial consequences. PSD2 is yet another reason for working with a payments technology partner that is shaping the implementation by actively participating in important European associations and working groups.” Full support for the requirements of PSD2 With PSD2, banks offering online access to their customers’ payment accounts are obliged to open access to their infrastructure to Third Party Providers (TPPs).
    [Show full text]
  • Payments. Insights. Opinions
    #payments insights. opinions. Is going cashless inevitable? How the world’s financial leaders see the end of cash And how will the disappearance of notes and coins change our With digital payments increasing their share of the global payments mix by about 10% each year, the topic was the subject of much discussion — and debate — at this lives beyond how we pay for year’s Sibos conference, held in London in September. EY polled Sibos attendees, things? We asked the world’s who included financial leaders, technology specialists and regulators, to get a deeper banking and regulatory leaders sense of the issues behind the transition to cashless. What are the biggest benefits for their insights. to a digital economy — and the greatest barriers to its adoption? And critically, as the potential disappearance of physical currency looms, how can we ensure that this fundamental change is undertaken safely and fairly, while delivering the greatest economic and societal benefit? Continued on page 3 Volume 25 03 How the world’s financial leaders see the end of cash Is going cashless inevitable? And how will the disappearance of notes and coins change our lives beyond how we pay for things? We asked the world’s banking and regulatory leaders for their insights. 05 Riding the waves of the European merchant acquiring consolidation As three waves of M&A activity continue to reshape the European payments market, how should players respond? New evidence from EY’s extensive payments database helps track trends in consolidation and explore the way forward. Editorial Welcome to the last issue of #payments for 2019 — a year that has seen huge change within our dynamic sector.
    [Show full text]
  • Cash and Treasury Management Country Report
    Underwritten by CASH AND TREASURY MANAGEMENT COUNTRY REPORT ITALY Executive Summary Banking The Italian central bank is the Banca d’Italia. As Italy is a participant in the eurozone, some central bank functions are shared with the other members of the European System of Central Banks (ESCB). Bank supervision is performed by the Banca d’Italia. Italy applies central bank reporting requirements. A representative sample of around 7,000 companies are required to submit periodic reports directly to the Banca d’Italia. These resident companies must report all transactions with non-residents. Resident entities are permitted to hold fully convertible foreign currency bank accounts domestically and outside Italy. Residents are also permitted to hold fully convertible domestic currency (EUR) bank accounts outside Italy. Non-resident entities are permitted to hold fully convertible domestic and foreign currency bank accounts within Italy. Italy has a large number of credit institutions (507), most of which are small, Italian-owned banks, such as the 268 mutual savings and 23 cooperative banks. There is a significant foreign banking presence in Italy, with 164 branches of foreign banks and 79 subsidiaries of foreign banks. Payments The two main payment systems used in Italy are the pan-European TARGET2 RTGS system and a multilateral net settlement system, BI-COMP. The most important cashless payment instruments in Italy are payment cards in terms of volume and credit transfers in terms of value. Card payments have increased steadily, especially in the retail sector. The increased use of electronic and internet banking has led to a growth in the use of electronic payments.
    [Show full text]
  • Financial Market Infrastructures and Payment Services Report 2019
    Financial Market Infrastructures and Payment Services Report 2019 Financial Market Infrastructures and Payment Services Report 2019 The Financial Market Infrastructures and Payment Services report is the result of a collective effort. The following people have actively contributed to this issue of the report: N. Boeckx, K. Bollen, F. Caron, D. De Beuckeleer, P. Gourdin, J. Jans, I. Meau, L. Ohn, F. Saffer, C. Stas, R. Temmerman, M. Van Acoleyen, S. Van Cauwenberge, I. Vansieleghem, J. Vermeulen © National Bank of Belgium All rights reserved. Reproduction of all or part of this publication for educational and non‑commercial purposes is permitted provided that the source is acknowledged. Contents Introduction and executive summary 7 1. The Bank’s role in oversight and prudential supervision of financial market infrastructures, custodians, payment service providers and other market infrastructures and critical service providers 9 1.1 Critical nodes in the functioning of financial markets and payment services 9 1.2 FMIs, custodians, payment service providers and other market infrastructures and critical service providers subject to oversight and prudential supervision by the Bank 14 2. Securities clearing, settlement and custody 19 2.1 CCPs 20 2.2 (I)CSDs 25 2.3 Custodians 34 3. Payments 39 3.1 Payment systems 41 3.2 Payment institutions and electronic money institutions 43 3.3 Processors of payment transactions 48 3.4 Card payment schemes 49 4. SWIFT 53 5. Specific theme : Detecting payment fraud with artificial intelligence 63 Annexes 69 1. Regulatory framework 71 2. FMIs established in Belgium with an international dimension 77 3. Statistics 81 4.
    [Show full text]
  • Integrated Report 2018
    INTEGRATED REPORT 2018 [GRI 102-18]102-1] [GRI [GRI 102-43] 102-22] [GRI [GRI 102-46] 102-23] [GRI [GRI 102-48] 102-24] [GRI [GRI 102-49) 102-26] [GRI[GRI 102-50]102-28] [GRI 102-51] [GRI 102-52] [GRI 102-54] [GRI 102-12] TRUST AT THE HEART TABLE OF CONTENTS OF EVERYTHING WE DO EDITORIAL p.3 OUR PROFILE p.4 ABOUT THIS REPORT OUR INTEGRATED VISION FOR SUSTAINABLE BUSINESS p.6 A TRANSFORMATIVE YEAR: 2018 KEY FACTS p.8 Who: Our stakeholders at the heart Why: Worldline’s first Integrated Report of our trust stake Following four years of publishing a dedicated CREATING VALUE FOR OUR ECOSYSTEM p.10 This Integrated Report aims to provide all of our Corporate Social Responsibility (CSR) Report stakeholders with a comprehensive view of our alongside our Annual Report, Worldline has taken WORLDLINE BUSINESS MODEL p.14 2018 commitments and performance (financial and the decision to publish this Integrated Report to extra-financial) in line with our ambition to deepen further reflect and formalize the integration of our the trust at the heart of all our relationships. business and CSR activities. OUR GOVERNANCE p.16 ROADMAP FOR SUSTAINABLE GROWTH p.18 What: Our vision and performance How: Our approach to Integrated Reporting This Integrated Report presents Worldline’s global Inspired by the International Integrated Reporting OUR INTEGRATION OF EXTRA-FINANCIAL PERFORMANCE p.20 vision and strategy to create value for all our Council’s (IIRC) reference framework, this Integrated stakeholders as well as our business model and Report is part of a voluntary process of monitoring our governance to achieve this.
    [Show full text]
  • NETHERLANDS Executive Summary
    Underwritten by CASH AND TREASURY MANAGEMENT COUNTRY REPORT NETHERLANDS Executive Summary Banking The Netherlands’ central bank is De Nederlandsche Bank. As the Netherlands is a participant in the eurozone, some central bank functions are shared with the other members of the European System of Central Banks (ESCB). De Nederlandsche Bank is responsible for regulatory supervision of all aspects of the Dutch financial system. De Nederlandsche Bank collects balance of payments data from around 3,900 resident companies which submit information on all their transactions with and positions vis-à-vis non- residents as well as their financial account balances on a monthly basis. Resident entities are permitted to hold fully convertible foreign currency bank accounts domestically and outside the Netherlands. Residents are also permitted to hold fully-convertible domestic currency (EUR) bank accounts outside the Netherlands. Non-resident entities are permitted to hold fully convertible domestic and foreign currency bank accounts within the Netherlands. The Dutch banking system consists of 76 banks. Attracted by the large number of international companies and liberal regulatory framework, 65 foreign banks have also established branches in the Netherlands. Payments The Netherlands has two payments systems: the pan-European TARGET2 RTGS system for high- value and urgent payments; and the EquensWorldline Clearing and Settlement System (CSS), a bank-owned automated clearing house for retail payments. The most important cashless payment instruments in the Netherlands are card payments in terms volume and credit transfers in terms of value. Direct debits are also widely used by companies and individuals. Payments are effected almost exclusively by electronic means in the Netherlands.
    [Show full text]