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| Currence | |
|---|---|
| Name | Currence |
| Type | Foundation |
| Industry | Payment services |
| Founded | 2005 |
| Headquarters | Netherlands |
| Area served | Netherlands |
Currence is a Dutch foundation that coordinates standardized payment schemes and brand licensing for electronic payments in the Netherlands. It acts as an industry body that licenses, governs, and harmonizes schemes used by banks, retailers, and payment processors, positioning itself at the intersection of national banking associations, retail federations, and European payment initiatives. Currence has historically overseen schemes that shaped interoperability among card issuers, automated clearing houses, and mobile payment providers.
Currence was established in 2005 after consultations among major Dutch banks such as ABN AMRO, Rabobank, and ING Group and retail bodies including Detailhandel Nederland to formalize licensing of payment schemes originally developed by consortia like Interpay. Early activities involved consolidation of national schemes associated with legacy organizations such as Postbank and transitions following mergers like the formation of SNS Bank and structural changes influenced by directives from the European Central Bank and the European Commission. Over time Currence managed brand stewardship for schemes during shifts driven by industry events such as the migration to EMV standards promoted by Visa and Mastercard and the rise of mobile platforms from companies like Apple Inc. and Google.
Currence is organized as a foundation with a supervisory board and an operational secretariat, drawing governance participants from major payment stakeholders including De Nederlandsche Bank, Dutch retail chains (for example Albert Heijn and Hema), and card schemes represented by Bancontact Payconiq Company and other processors. Its structure mirrors models found in bodies such as the European Payments Council and national organizations like the UK Payments Administration, with licensing committees, technical working groups, legal counsels, and compliance officers. Decision-making processes have involved consultations with industry participants like TNO and interoperability tests alongside certification authorities such as EMVCo.
Currence historically managed several recognizable payment products and schemes which targeted point-of-sale, online, and account-to-account clearing. These included domestic debit and direct debit schemes with interoperability implications for participants such as ING Bank, ABN AMRO, and fintech entrants like Adyen. Currence coordinated rules impacting clearing through infrastructure operators similar to Equens and settlement pathways associated with the TARGET2 system and bilateral netting arrangements. Its role covered product lifecycles from specification and certification to brand licensing for acceptance by retailers like Blokker and marketplaces such as Bol.com.
Currence operated within regulatory frameworks shaped by authorities including De Nederlandsche Bank, the European Central Bank, and supranational instruments like the Payment Services Directive 2. It engaged with regulatory topics addressed by agencies such as the European Banking Authority and had to align scheme rules with standards from bodies like SWIFT and ISO. Compliance work required coordination with legal developments stemming from rulings by the Court of Justice of the European Union and national legislation implemented by the Ministry of Finance (Netherlands), particularly on issues like interchange, transparency, and anti-money laundering obligations enforced by Financial Intelligence Unit Netherlands.
Currence’s membership encompassed major Dutch retail banks including Rabobank, ING Group, and ABN AMRO, as well as payment processors and merchants such as Adyen, Worldline, and supermarket chains like Jumbo (supermarket chain). Its schemes influenced merchant acquiring arrangements similar to those managed by Fiserv and Global Payments Inc. and affected consumer payment behavior in competition with international card networks including Visa and Mastercard. Market studies by consultancies like McKinsey & Company and Deloitte have examined the role of national scheme coordinators in shaping competition and innovation in domestic payments.
Currence engaged with technological transitions including the migration to EMV chip standards developed under coordination by EMVCo, the introduction of near-field communication (NFC) acceptance used by Samsung Electronics and Apple Inc., and initiatives for tokenization and secure elements promoted by GSMA. It participated in pilot projects integrating mobile wallets and account-to-account rails comparable to innovations from PayPal Holdings and European instant payment systems like the SEPA Instant Credit Transfer. Collaboration extended to technology partners and research institutions such as TNO and testing laboratories aligned with PCI Security Standards Council guidance.
Currence faced criticism regarding market access, alleged restrictive licensing practices, and competition implications raised by merchants, challenger banks, and consumer groups represented by organizations like Consumentenbond. Debates invoked scrutiny similar to cases involving European Commission antitrust examinations and public policy discussions referencing reforms advocated by groups like Bureau Krediet Registratie and academic critics from institutes such as Tilburg University. Controversies included disputes over fees, interoperability with international schemes like Maestro and V PAY, and tensions between incumbents and fintech competitors including bunq and Revolut.
Category:Payments