- In December 2020, Currence iDEAL announced iDEAL 2.0, with a new infrastructure and new value-added services (VAS).
- Payconiq will act as iDEAL's technical service provider, modernizing the underlying technology and developing new services.
- The new iDEAL 2.0 upgrade will go live early in 2022 and provide significant benefits to consumers, payment service providers and merchants.
LUXEMBOURG, March 30, 2021 /PRNewswire/ -- The online payment method iDEAL, will bring its payment service to the next level. Currence, the brand owner of iDEAL, partners with Payconiq International to deliver a major upgrade version of the Dutch's most popular online payment scheme. Today, iDEAL is responsible for more than 900 million transactions per year.
The new solution is based on Payconiq International's state-of-the-art payment platform and will optimize payment flows for a seamless user experience (UX) and smoother merchant integration. The cooperation will enable iDEAL to adopt and launch Payconiq's innovative services for example by connecting payments with digital loyalty programs.
In addition, Payconiq International 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.
With this partnership, Currence iDEAL and Payconiq International will shape the future of online and mobile payments in the Netherlands.
Frictionless payments for iDEAL merchants and consumers
Issuers, acquirers, payment service providers, merchants and consumers alike will benefit from the new iDEAL 2.0 technical infrastructure, which will enable them to enjoy a faster and easier connection to iDEAL. With a new UX design and new features for value-added services by Payconiq International, Currence iDEAL aims to improve the purchase conversion ratio.
"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 web shop, guaranteeing a smooth transaction," explained Daniel van Delft, Currence CEO.
Reliable and efficient technology
Payconiq International - a trusted multi-country payment and processing platform in the Benelux - is ready to move towards its next-level development. The company aims to become a leading technology provider in Europe, and the partnership with iDEAL is a significant contribution towards that goal.
Payconiq offers a high degree of reliability with its new infrastructure for iDEAL 2.0. Powered by features developed by Payconiq International, Currence iDEAL and affiliated payment service providers can develop new value-added services, such as a fast check-out service.
"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 continue our international partner expansion," said Guido Vermeent, Payconiq International CEO.
The upgrade of iDEAL 2.0 is expected to go live at the start of 2022 and all involved parties in the value chain will benefit from a number of competitive advantages. Payconiq International is expected to handle well over a billion iDEAL payments per year on the long term.
Together, Currence iDEAL and Payconiq International will safeguard, grow and improve the highly competitive iDEAL payment flows for Dutch merchants and consumers.
Currence is the owner of the Dutch collective payment and digital identity products iDEAL, iDIN, eMandates and Acceptgiro. Currence 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. Currence is an autonomous organisation with governance that ensures its independence. Currence was founded in 2005 with endorsement from eight Dutch banks. This was prompted in part by the recommendations of the Wellink Commission in 2002 to promote greater transparency and competition in payments. The founding of Currence created a new market model in Dutch payments, in which product ownership and regulation are separated from transaction processing.
Payconiq International is a Luxembourg-based mobile payment and payment processing company active in Luxembourg, the Netherlands and Belgium – through Bancontact Payconiq Company. Payconiq International works closely with major retail banks, payment service providers, payment schemes and merchants, providing them with a strong payment initiation and processing platform. Payconiq International is the first European payment company to offer multi-country payment solutions that allows consumers to pay invoices, online, in-store and other individuals using a smartphone.
For more information visit www.payconiq.com
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