Interpay

Interpay Nederland B.V. was a Dutch payment processor and payment-services organization that played a central role in the country's retail and banking payment infrastructure during the 1990s and early 2000s. It was created in 1994 through the combination of BeaNet, the Bankgirocentrale and Eurocard Nederland, bringing several previously separate payment activities under a single bank-owned organization. The company was owned by a consortium of Dutch banks, with ING Group reported as its largest shareholder at approximately 30 percent. The organization operated and supported several payment systems used widely in the Netherlands. These included PIN, the country's debit-card payment network; Chipknip, an electronic-purse product; Acceptgiro, a giro-based payment method used for invoices and bills; and Incasso, a direct-debit service. Interpay therefore served both consumers and businesses, with activities spanning transaction processing, payment acceptance, card infrastructure and related administrative services. Its subsidiaries included Paysquare, which facilitated credit-card acceptance, and InterEGI, which distributed prepaid Chipknip products. Interpay was also involved in the modernization of Dutch payments. In 1995 it began a pilot of Chipknip, reflecting the period's interest in replacing cash for small-value transactions with stored-value technology. The company was regarded as an important participant in the transition to the euro, with contemporary commentary identifying its systems and operational readiness as significant to a smooth changeover. In 2003, Interpay joined Banksys and SSB in establishing Sinsys, a credit-card processing venture intended to reduce costs through cooperation among payment organizations. The company faced regulatory and commercial pressure over its pricing. In 2004, the Netherlands Competition Authority fined Interpay €30 million after finding that tariffs charged to the hospitality sector were excessive, reportedly five to seven times higher than comparable levels. Interpay was also required to reduce those tariffs. The same year, it sold its Document Services division to Unisys, indicating a move away from some non-core document-processing activities and toward payment infrastructure. Interpay reported processing 3.3 billion financial transactions in 2005, illustrating the scale of its role in the Dutch payments ecosystem. In that year it also spun off Currence, an organization associated with managing Dutch payment products and schemes. Interpay's international integration culminated in September 2006, when it merged with Germany's Transaktionsinstitut für Zahlungsverkehrsdienstleistungen AG. The combined organization became Equens, a cross-border European payment processor. Interpay therefore no longer exists as an independent operating brand, but its former systems and organizational capabilities contributed to the development of the later European payments-processing group.

Interpay Nederland B.V. emerged in 1994 from the merger of BeaNet, the Bankgirocentrale and Eurocard Nederland. The combination consolidated important Dutch payment activities within a single organization owned by a consortium of domestic banks. ING Group was the largest shareholder, with an approximately 30 percent interest. This ownership structure reflected the strategic importance of payment infrastructure to the Dutch banking sector rather than a conventional consumer-brand model. The organization operated several of the Netherlands' principal payment systems. PIN supported debit-card payments, while Acceptgiro and Incasso handled invoice-based and direct-debit transactions. Chipknip represented an electronic-purse approach to low-value payments and was piloted by Interpay in 1995. Interpay's role extended beyond operating schemes: it also processed transactions, supported merchant acceptance and distributed payment products through subsidiaries. Paysquare handled credit-card acceptance, and InterEGI distributed prepaid Chipknip products. Interpay became an important operational actor during the Netherlands' transition to the euro. Contemporary reporting treated the reliability of the country's payment systems as one of the conditions for a smooth currency changeover. The company also pursued cooperation beyond the Netherlands. In September 2003, it created Sinsys with Banksys and SSB to provide credit-card services and seek economies in processing. Annemarie Jorritsma became an Interpay commissioner in 2003. The company encountered significant criticism over pricing in the hospitality sector. In 2004, the Netherlands Competition Authority imposed a €30 million fine after concluding that Interpay's tariffs were excessive, reportedly five to seven times higher than appropriate comparable charges. Interpay was required to reduce the tariffs. That year it also sold its Document Services division to Unisys, separating a document-oriented activity from its principal payment businesses. Interpay continued to operate at substantial scale. It processed 3.3 billion financial transactions in 2005 and spun off Currence, which was associated with Dutch payment products and schemes. Management also changed during the final phase of the company's history: director Willem Stolwijk left in 2006 and was replaced by Ben Haasdijk. The final structural change came in September 2006, when Interpay merged with the German Transaktionsinstitut für Zahlungsverkehrsdienstleistungen AG. The resulting company was named Equens. This merger converted Interpay's primarily Dutch institutional base into part of a broader European payment-processing organization. Interpay consequently became a defunct brand, while its payment systems, processing expertise and organizational assets fed into the development of Equens and the wider European payments market.

• 2006

  Interpay becomes part of Equens

  [1]Interpayen.wikipedia.org

  Interpay merges with Germany's Transaktionsinstitut für Zahlungsverkehrsdienstleistungen AG to form Equens.

• 2005

  Currence is spun off

  [1]Interpayen.wikipedia.org

  Interpay spins off Currence amid the continued organization of Dutch payment products and schemes.

• 2005

  Transaction processing reaches reported peak scale

  [1]Interpayen.wikipedia.org

  Interpay processes 3.3 billion financial transactions during the year.

• 2004

  Competition fine and portfolio divestment

  [1]Interpayen.wikipedia.org

  The Netherlands Competition Authority fines Interpay €30 million over hospitality-sector tariffs, while Interpay sells Document Services to Unisys.

• 2003

  Sinsys is established

  [1]Interpayen.wikipedia.org

  Interpay joins Banksys and SSB to form Sinsys for credit-card services and cost reduction.

• 1995

  Chipknip pilot begins

  [1]Interpayen.wikipedia.org

  Interpay starts a pilot of Chipknip, an electronic-purse payment product designed primarily for smaller-value transactions.

• 1994

  Interpay is formed

  [1]Interpayen.wikipedia.org

  BeaNet, the Bankgirocentrale and Eurocard Nederland merge to create Interpay Nederland B.V., a bank-owned Dutch payment organization.

A national-scale, bank-owned infrastructure provider for Dutch retail payments, card acceptance and transaction processing, with a later strategic role in European payment-system consolidation.

• Debit-card payment network

  PIN

  PIN was Interpay's principal Dutch debit-card payment system. It connected cardholders, banks and merchants for electronic point-of-sale payments and formed part of the national retail-payment infrastructure operated or supported by the company.

• Electronic purse and prepaid payment product · 1995

  Chipknip

  Chipknip was an electronic-purse system intended to support convenient low-value payments without a conventional cash transaction. Interpay began a pilot in 1995 and distributed prepaid Chipknip products through its InterEGI subsidiary.

• Invoice and giro payment service

  Acceptgiro

  Acceptgiro was a Dutch giro-based payment method used by organizations to collect invoice and bill payments. Interpay owned or operated the associated payment infrastructure as part of its broader transaction-processing portfolio.

• Direct debit service

  Incasso

  Incasso supported direct-debit payments in the Dutch banking environment. It enabled organizations to collect authorized payments from customer accounts and was one of the major payment systems associated with Interpay.

• Credit-card acceptance service

  Paysquare

  Paysquare facilitated credit-card acceptance for merchants and was operated as an Interpay subsidiary. It extended Interpay's activities from payment-network operation into merchant acquiring and acceptance services.

• 2004

  Competition-authority fine over hospitality tariffs

  The Netherlands Competition Authority fined Interpay €30 million after finding that tariffs charged to the hospitality sector were excessive. Reported comparisons indicated that the charges were five to seven times too high, and Interpay was required to reduce them.

  Source

Read more

• 2006

  Merge with Transaktionsinstitut to form EquensM&A

  Background

  Interpay pursued a broader European structure for payment processing rather than continuing as a solely Dutch organization.

  Action taken

  Interpay merged with Germany's Transaktionsinstitut für Zahlungsverkehrsdienstleistungen AG in September 2006.

  Aftermath

  The combined business became Equens, and Interpay ended as an independent brand.

  Source

• 2005

  Spin off CurrenceStrategy

  Background

  Dutch payment products and schemes were being organized separately from transaction-processing operations.

  Action taken

  Interpay spun off Currence.

  Aftermath

  Currence became associated with the management of Dutch payment products and schemes, while Interpay proceeded toward international consolidation.

  Source

• 2004

  Sell Document Services to UnisysStrategy

  Background

  Interpay adjusted its portfolio while facing regulatory scrutiny over payment pricing.

  Action taken

  The company sold its Document Services division to Unisys.

  Aftermath

  The divestment reduced Interpay's exposure to document-related operations and emphasized its payment-processing activities.

  Source

• 2003

  Create Sinsys for credit-card processingStrategy

  Background

  Interpay, Banksys and SSB sought to reduce credit-card processing costs through cooperation among payment organizations.

  Action taken

  The three organizations established Sinsys in September 2003.

  Aftermath

  Sinsys later became wholly owned by SIA in 2012, after Interpay itself had ceased to exist as an independent organization.

  Source

1. 1Interpayen.wikipedia.org