Dutch association Currence, the brand owner of iDEAL, has partnered with Payconiq International to deliver a major upgrade version of the Dutch online payment scheme, iDEAL 2.0. The upgrade is expected to go live early in 2022 and claims to provide significant benefits to consumers, payment service providers, and merchants.
According to the press release, iDEAL is responsible for more than 900 million transactions per year. On the other hand, Payconiq International is expected to handle more than a billion iDEAL payments per year in the long term.
Aim of this development?
The new solution is based on Payconiq International’s payment platform and aims to optimise payment flows to boost the user experience and facilitate merchant integration.
Besides, Payconiq will handle iDEAL payment traffic in the Netherlands, providing an application programming interface (API) that will enable merchants, banks, and other service providers to connect to the new iDEAL platform via a common access point.
As for iDEAL 2.0, it aims to improve the purchase conversion ratio by providing a new UX design and features for value-added services provided by Payconiq. Furthermore, the solution’s technical infrastructure aims to boost how issuers, acquirers, payment service providers, merchants, and consumers connect to iDEAL.
Daniel van Delft, Currence CEO, explains, “The partnership between Currence iDEAL and Payconiq International will allow consumers to check out and pay with iDEAL even more conveniently. The customer’s preferred bank will automatically be selected, and all the necessary data authorised by the customer will automatically be forwarded to a webshop, guaranteeing a smooth transaction.”
Reliable and efficient technology
Luxembourg-based Payconiq International is a mobile payment and payment processing company that is currently operational in Luxembourg, the Netherlands, and Belgium. The company works with major retail banks, payment service providers, payment schemes, and merchants, providing them with a payment initiation and processing platform.
Payconiq claims to be the first European payment company to offer multi-country payment solutions that allow consumers to pay invoices online, in-store, and other individuals using smartphones.
The company aims to become a leading technology provider in Europe and expects this partnership with iDEAL to be a significant contribution towards that goal. With this development, Payconiq, Currence iDEAL, and affiliated payment service providers can develop new value-added services, such as a fast check-out service.
Guido Vermeent, Payconiq International’s CEO, says, “We are delighted to partner with Currence iDEAL as their technology provider. iDEAL is the most popular online and mobile payment method in the Netherlands, and we are happy to contribute to an even faster, easier, and smarter iDEAL payment experience for merchants and consumers by implementing our innovative services. We have further improved our scalable payment platform to process significant volumes efficiently and reliably. We look forward to continuing our international partner expansion.”
About Currence iDeal
Currence was founded in 2005 with endorsement from eight Dutch banks. It is the owner of the Dutch collective payment and digital identity products iDEAL, iDIN, eMandates, and Acceptgiro.
The company aims to facilitate competition and increase transparency in collective payment systems in the Netherlands while maintaining high standards of quality, efficiency, and security for its products.
As for iDEAL, it is an online payment method that consumers can use to pay through their own bank. It is increasingly being used to pay utility bills, charitable donations, top-up call credits, pay municipal taxes, and traffic fines, among other services. In December 2020, Currence iDEAL announced iDEAL 2.0, with new infrastructure and new value-added services (VAS).