With the advent of the PSD2 (Payment Service Directive version 2 – officially in force across Europe since 14 September 2019), the rules have been tightened up. In order for trading platforms to be allowed to perform payment services, they must apply for an exemption or even a licence from De Nederlandsche Bank (DNB). When it comes to licences, regulatory costs apply in accordance with the Financial Supervision (Funding) Act (Wbft). Organisational adjustments are also required, such as establishing a KYC procedure to comply with the Money Laundering and Terrorist Financing (Prevention) Act (Wwft) and lining up employees to test these procedures.
PAY. Alliance Partners don’t need to worry about this. PAY. relieves you completely of this task so that you can focus on the development and growth of your platform and the addition of new submerchants. You’ll not only save on regulatory costs, but the whole KYC onboarding process will be taken care of for you, thus eliminating the need for setting up a whole new compliance department. PAY. ensures that every submerchant is screened and that payment flows are set up in a compliant manner, so that your whole platform is PSD2-proof. In addition, the PAY. Alliance Partnership facilitates the settlement of the transaction costs (and any other costs for items such as PIN terminals) with the Alliance Partner. This means that your platform can easily settle these costs and the commissions with the submerchant’s balance. And finally, linking payment options via PAY. with the submerchant’s ecosystem is quick and easy, giving you peace of mind as you go about your business.