Currence is an association set up the banks that coordinates the payment systems in the Netherlands. It says that its aim is to "facilitate and provide market transparency while maintaining the quality and safety of the payment system

Payment system

A payment system is a system used for transferring money. What makes it a "system" is that it employs cash-substitutes; traditional payment systems are negotiable instruments such as drafts and documentary credits such as letter of credits. With the advent of computers and electronic...

s of the Netherlands."

History

Currence was founded on 1 January 2005 through an initiative by eight Dutch banks (ABN AMRO

ABN AMRO

ABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. It was re-established, in its current form, in 2009 following the acquisition and break up of ABN AMRO Group by a banking consortium consisting of Royal Bank of Scotland Group, Santander and Fortis...

, Rabobank

Rabobank

Rabobank is a financial services provider with offices worldwide. Their main location is in the Netherlands. They are a global leader in Food and Agri financing and in sustainability-oriented banking...

, ING Groep, Fortis

Fortis (finance)

Fortis N.V./S.A. was a company active in insurance, banking and investment management. In 2007 it was the 20th largest business in the world by revenue but after encountering severe problems in the financial crisis of 2008, most of the company was sold in parts, with only insurance activities...

, SNS Bank

SNS Bank

SNS Bank is a Dutch retail bank offering financial products to both companies and individuals. SNS Bank was formed out of a merger of several savings banks in the Netherlands. SNS is an abbreviation of "Samenwerkende Nederlandse Spaarbanken" . In 1997, SNS Bank's holding company bought all shares...

, BNG

Bank Nederlandse Gemeenten

The Bank Nederlandse Gemeenten is a Dutch bank and Local Government Funding Agency, specializing in providing financing for publicly owned organizations. Ranked by assets alone, it is ranked as the 4th bank in the Netherlands...

, Friesland Bank

Friesland Bank

Friesland Bank is a Dutch retail bank specifically focusing on the northern provinces of the Netherlands: Friesland, Groningen, Drenthe, Overijssel and Noord-Holland.- History :...

 and Van Lanschot

Van Lanschot

Van Lanschot NV is a financial institution of Dutch origin offering private banking and asset management services. Van Lanschot’s services mainly focus on high net-worth individuals, entrepreneurs and institutional investors. Van Lanschot is the oldest independent bank in the Netherlands with a...

). It was originally know as Brands & Licences Betalingsverkeer Nederland B.V. during its development stage and was renamed as Currence from the 17 May 2005.

Aims and responsibilities

It is responsible for coordinating payment methods and facilitating cooperation between payment providers by providing standards and transparency while maintaining the quality and safety of the payment systems in the Netherlands.

It attempts to do this by setting clearly defined standards for all parties wishing to use the Currence payment products, PIN, Chipknip, Acceptgiro

Giro

A Giro or giro transfer is a payment transfer from one bank account to another bank account and instigated by the payer, not the payee...

, Incasso/Machtigen and iDEAL

IDEAL

iDEAL is an Internet payment method in the Netherlands, based on online banking. Introduced in 2005, this payment method allows customers to buy securely on the Internet using direct online transfers from their bank account. iDEAL processed 4,5 million transfers in 2006, 15 million transfers in...

, are able to operate. To create a level playing field it sets clear rules and regulations relating to product use and the product environment and regulates and supervises participants.