De Nederlandsche Bank (DNB) has granted payment institution GoCredible a payment service licence.
This licence was necessary because of the growth of the FinTech company and for expansion of the services abroad.
Support of complex payments on developing platforms
GoCredible focuses on the fast-growing platform economy, from fresh products to used cars. The payments on these platforms are becoming increasingly complex. For instance, think of multi-split payments: a buyer pays for items from different suppliers in one checkout, which must be settled subsequently. Other examples are the handling of third-party funds or a substantial integration with back office-systems requiring specialist knowledge. GoCredible takes care of this for different platforms.
Larger sums and international payments
Reaching this milestone is important for GoCredible and its clients because payment services are no longer limited to the Netherlands. Even more, the total amount of the payment transactions that GoCredible is allowed to process is no longer restricted. “The restrictions on payment volume, in particular, applicable under the exemption were a barrier to further growth,” CEO Teun Lammers explains. “GoCredible supports a large number of car dealers in selling their cars online, for example. This involves large amounts, so we quickly reached the limits of payment volume.”
To be eligible for a payment licence, DNB makes high demands upon an organisation's professionalism. Compliance must be demonstrably well organised, and a supervisory board must be appointed, for example. Lammers: “This shows that we have grown up as a young FinTech.”
The licence has been granted for services that perform financial transactions - including transfers of funds - on the payment account of a user's payment service provider or of another payment service provider, and for services that issue or accept payment instruments. (These services are indicated in the DNB's register as licence types 3 and 5.) GoCredible is now also registered with the European Banking Authority (EBA).