Currence

Currence is a Dutch payments organization established to coordinate payment systems and promote transparent, safe and interoperable payment services in the Netherlands. It was created by a group of Dutch banks as the institutional framework for managing shared payment brands and the rules under which banks, merchants and other payment-service participants could use them. During its development phase, the organization was known as Brandts & Licences Betalingsverkeer Nederland B.V.; it adopted the Currence name on 17 May 2005 after being formally founded on 1 January of that year. Rather than operating primarily as a consumer-facing bank or payment processor, Currence has historically functioned as a scheme owner, standards setter and market coordinator. Its role has included defining participation requirements, technical and operational standards, product rules and safeguards for payment methods used in the Dutch market. This structure was intended to give payment providers a common framework while preserving competition between participating banks and service providers. Currence’s stated purpose is to facilitate payment systems and market transparency while maintaining their quality and security. The organization has been associated with several important Dutch payment brands and infrastructures. These have included PIN, the former Dutch debit-card payment system; Chipknip, a stored-value and electronic purse product that was later discontinued; Acceptgiro, a Dutch giro-payment instrument; Incasso and Machtigen, covering direct-debit and authorization-related services; and iDEAL, the widely used Dutch online-payment system. Some of these products have been retired or replaced as payment habits, technology and European market structures changed. Currence’s most internationally visible asset was iDEAL, which became a central online-payment method in the Netherlands. In April 2023, Currence agreed to the acquisition of iDEAL by the European Payments Initiative, whose objective was to develop a broader European payment system. The transaction reflected the movement from nationally focused payment schemes toward cross-border European infrastructure. Currence and its bank shareholders were connected to the transaction through their interests in iDEAL and the European Payments Initiative. Leadership of the organization included Piet Mallekoote, who served as chief executive from 2013 until his retirement in 2021, followed by Daniel van Delft. Currence remains associated with the governance and coordination of Dutch payment products, although the scope and ownership of individual schemes have evolved over time. Its significance lies less in a conventional retail brand portfolio than in the standards, trust framework and shared infrastructure supporting payments in the Netherlands.

Currence was formed as part of the restructuring of Dutch payment-system governance. Eight Dutch banks—ABN AMRO, Rabobank, ING Groep, Fortis, SNS Bank, BNG, Friesland Bank and Van Lanschot Kempen—initiated the organization. It was formally established on 1 January 2005. During its development stage it used the name Brandts & Licences Betalingsverkeer Nederland B.V., before adopting the Currence name on 17 May 2005. The organization was designed to manage shared payment brands and establish common rules for participants in the Dutch payments market. Its responsibilities included setting standards, defining product and participation requirements, supporting interoperability, and promoting transparency while maintaining the quality and safety of payment systems. This model enabled banks and other payment providers to operate within a common scheme framework without making Currence a conventional consumer bank. Currence became associated with a portfolio of Dutch payment instruments and systems. PIN was the national debit-payment brand, while Chipknip provided a stored-value electronic-purse service. Acceptgiro supported giro-based payment instructions, and Incasso/Machtigen covered direct-debit and authorization-related payment activity. Currence also became the brand owner of iDEAL, the Dutch online-payment system that grew into one of the country’s most recognizable digital payment methods. PIN and Chipknip were subsequently discontinued, illustrating how the organization’s portfolio changed as payment technology and consumer behavior developed. Piet Mallekoote served as chief executive from 2013 until his retirement in 2021. Daniel van Delft then became CEO. A major strategic development followed in April 2023, when Currence agreed for the European Payments Initiative to acquire iDEAL. EPI intended to use iDEAL as part of the construction of a European-wide payment system. Currence’s key members and the shareholders connected with iDEAL were also shareholders in EPI, linking the transaction to the broader European consolidation and integration of payment infrastructure. Currence’s history therefore reflects two related trends: the creation of shared national payment governance in the Netherlands and the later integration of successful national schemes into wider European payment initiatives. Its continuing role is best understood through scheme governance, standards and market coordination, while individual products may be retired, transferred or developed under changing ownership arrangements.

• 2023

  Agreement to transfer iDEAL to EPI

  [1]Currenceen.wikipedia.org

  Currence agreed for the European Payments Initiative to acquire iDEAL as part of the development of a European-wide payment system.

• 2021

  Daniel van Delft becomes CEO

  [1]Currenceen.wikipedia.org

  Daniel van Delft succeeded Piet Mallekoote after Mallekoote’s retirement.

• 2013

  Piet Mallekoote becomes CEO

  [1]Currenceen.wikipedia.org

  Piet Mallekoote began his tenure as chief executive of Currence.

• 2005

  Currence is established

  [1]Currenceen.wikipedia.org

  Currence was founded on 1 January by an initiative involving eight Dutch banks to coordinate shared payment systems and their market rules.

• 2005

  The organization adopts the Currence name

  [1]Currenceen.wikipedia.org

  The entity previously known as Brandts & Licences Betalingsverkeer Nederland B.V. was renamed Currence on 17 May.

A neutral Dutch payment-scheme owner and market coordinator focused on interoperability, transparency, quality and security rather than direct retail banking.

• Online payment system

  iDEAL

  iDEAL is a Dutch online-payment system that allows customers to authorize payments through participating bank environments. It became one of the Netherlands’ principal digital-payment methods and was historically owned and governed under the Currence framework. In April 2023, Currence agreed for the European Payments Initiative to acquire the system for use in developing a broader European payment solution.

• Debit-card payment system

  PIN

  PIN was the principal Dutch debit-card payment brand associated with Currence. It provided a common identity and operating framework for card payments at Dutch merchants. The system was part of Currence’s historical portfolio but has since been discontinued as the Dutch market moved toward newer card and payment arrangements.

• Stored-value electronic purse

  Chipknip

  Chipknip was an electronic purse and stored-value payment product associated with Currence. It enabled users to make payments from value stored on a payment card or related instrument. The product formed part of the organization’s earlier national payment portfolio and was later discontinued.

• Giro payment instrument

  Acceptgiro

  Acceptgiro was a Dutch payment instrument used to initiate giro-based payments. Currence coordinated the product’s standards and operating framework as part of its role in managing shared Dutch payment systems.

• Direct debit and authorization services

  Incasso/Machtigen

  Incasso/Machtigen covered direct-debit and authorization-related payment services within Currence’s Dutch scheme portfolio. The framework supported recurring or authorized collections and established rules for participating payment providers and users.

• 2023

  Agree to the acquisition of iDEAL by the European Payments InitiativeM&A

  Background

  Currence’s iDEAL system was a major Dutch online-payment asset, while the European Payments Initiative was developing a payment system with broader European reach.

  Action taken

  Currence agreed for the European Payments Initiative to acquire iDEAL. Currence’s key members and relevant iDEAL shareholders were also connected to EPI as shareholders.

  Aftermath

  The agreement aligned iDEAL with the proposed European payment infrastructure and marked a strategic shift from a nationally focused scheme toward wider European integration.

  Source

1. 1Currenceen.wikipedia.org
2. 2Currence official websitecurrence.nl