August 29th in Amsterdam. A milestone in the payment world. Thanks to Online Payment Platform, the very first PSD2 payment is a fact. This proves that the introduction of PSD2 offers many opportunities.
First payment service provider with new PSD2 payment services
After months of hard work by both our compliance team and our IT developers, Online Payment Platform was the first existing payment service provider (PSP) have received an extension of our license from the Dutch Central Bank and executed a transaction with it. The new features of this license include the account information and payment initiation services that we are able to offer as from this moment. Account information allows a bank account holder to share your transaction details with us and thanks to payment initiation we can make payments on your behalf. We have already started several pilots on ways to make online trading and payment easier and safer for our customers and users. An example of this is our collaboration with iDEAL. The result is scheduling iDEAL transactions.
You may not be able to or want to pay incoming invoices immediately. Perhaps you might want to pay slightly before the deadline, or prefer to wait for you salary, before you transfer the money. Whatever the reason, thanks to scheduling iDEAL transactions, you no longer have to keep an eye on a stack of invoices with the risk of forgetting them.
Together with iDEAL we started a pilot to use the PSD2 possibilities to solve this issue. Thanks to the new payment initiation option, we can schedule your transactions for the future. Scheduling iDEAL is the result. Is an invoice coming in? Simply schedule it!
First PSD2 payment
During Currence's beach event in Amsterdam, together with Amos Kater from iDEAL, I planned the very first PSD2 transaction in the Netherlands. We made a donation to 'LittleBitz', this will be transferred automatically on September 14th. This date is symbolic because on that day the mandatory technical standards of the PSD2 legislation (Google: PSD2 RTS) enter into force throughout Europe. The pilot uses Rabobank's API. In the near future, ING, ABN AMRO and the banks of the Volksbank will also be connected.
LittleBitz is an organisation that, similar to us, is innovative and always looking for new payment techniques. LittleBitz is introducing the new way of donating: sending money directly to someone who can really use it. Without the intervention of third parties, without bowing or hassle and without the donors being stuck with anything. Directly and effectively. So that everyone can help someone else to build a future.
Easier and safer payments
PSD2 was introduced to make payments safer, but also to stimulate innovation. This first pilot is a great example of this. An innovative solution that eases payments. And while we are gaining our first experiences in this pilot, we are already working on other cool projects to make payments on platforms and marketplaces as easy and fun as possible.