29 AUGUST 2011
Buckaroo receives DNB payment institution licence
On 10 August 2011, De Nederlandsche Bank (DNB) awarded Buckaroo, the leading PSP in the Netherlands, a license to operate as a payment institution.
The licensing requirement applies to all payment institutions, including PSPs. This stems from the Payment Service Directive (PSD) that took effect in all EU member states on 1 November 2009. Transitional arrangements were put in place for payment service providers, such as Buckaroo, that were already active in the payment market prior to 5 December 2007 to enable them to prepare for the new legislation and regulations.
The PSD is an EU regulation that is intended to increase the transparency and efficiency of payment traffic within the European Union. In Dutch law, this regulation is included in the Financial Supervision Act [Wet financieel toezicht, WTF]. DNB monitors compliance with these regulations and only issues a license to businesses that satisfy a broad set of rules and requirements that ensure the reliability, quality and stability of the European payment system.
“We are very proud that DNB has issued the licence to Buckaroo”, says Michel van Westen, Business Executive of Buckaroo. “The license is a confirmation that we, as a payment institution satisfy the strict requirements and regulations specified in the EU. It underscores our continued efforts to ensure reliability and quality for all of our payment solutions. Obtaining the license is also a further step in Buckaroos growth to become an internationally operating payment institution.”