iDEAL ready for SEPA

10 March 2013

Easy connection to iDEAL for foreign banks and payment institutions.

The online payment method iDEAL(opens in new window) is ready for European payments. Every bank offering iDEAL has recently completed the migration of the payment method to European SEPA standards. This is an important step towards uniform European payments. The SEPA Regulation requires all banks and users of payment services to comply with European standards by 1 February 2014. iDEAL has completed the transition ahead of schedule, making it easier for foreign providers to connect.

European infrastructure

Until now, iDEAL was based on a credit transfer between two Dutch bank accounts. Banks and payment institutions therefore had to connect to Dutch payment infrastructure. This is no longer necessary. SEPA standards create European infrastructure in which domestic and international credit transfers are processed in the same way, making it easier for foreign providers to participate in the iDEAL payment process.

Webshops and other organisations accepting iDEAL have until 1 August 2013 to adapt their systems.

Currence expects more international iDEAL providers

Although iDEAL is already accepted by many foreign webshops, Currence expects compliance with SEPA standards to encourage more international organisations to offer it. This will give consumers more opportunities to pay for cross-border online purchases easily and securely.