License requirement for trading platforms providing payment services

Trading platforms are websites or apps that match demand for goods and services. A lot of these platforms also facilitate the payment from the buyer to the seller for the goods or services purchased by the buyer. Under the regulatory framework of the payment services directive (PSD) this additional payment service was not considered a regulated payment service in the Netherlands. This due to the fact that the Dutch Central Bank (De Nederlandsche Bank – DNB) was of the opinion that the scope of PSD was limited to payment services providers whose principal activity consist of the provision of payment services. DNB stated that payment services provided by trading platforms that were performed merely in support of the principal activities of the platform, were not considered as regulated payment services. Therefore, these platforms did not require a license.

On 28 June 2017 DNB has published a newsletter on the basis of which DNB explains that its position taken under the PSD regulatory framework will change due to the revised payment services directive (PSD2). The result is that trading platforms providing payment services may fall within the scope of PSD2 and may require a license as a payment service provider as of 13 January 2018. We recommend such platforms to consult their advisor on the possible impact on their business.