Rabobank: PIN transactions to be processed in business accounts 365 days a year
From next weekend business owners with a PIN contract or using seal-bag deposits with Rabobank will see their sales appearing in their accounts within 24 hours, including on weekends and public holidays. Rabobank will process PIN transactions and seal-bag deposits on non-banking days for the more than 113,000 business owners who use these services at the cooperative bank. The faster payments processing is made possible because Rabobank has chosen to pay it forward.
‘We want to fulfil a long-expressed demand from business owners, particularly retailers and SMEs, to show today’s PIN sales in their accounts within 24 hours, also on Saturdays, Sundays and public holidays. From this weekend (12/13 March), business operators with a PIN contract or those who use seal-bag deposits will have their Friday sales in their accounts on Saturday instead of Monday as was previously the case,’ says Eric Saris, Director of Businesses at Rabobank.
Normally PIN sales and seal-bag deposits be credited on the first working day of the bank: the Friday, Saturday and Sunday sales will be seen in the accounts only on Monday. Easter weekend means so that the business operator can see his Tuesday sales in his account on the following Tuesday.
Business operators will certainly notice a difference, especially on the upcoming Easter weekend. Business operators banking with Rabobank will see their Thursday sales in their accounts on Friday instead. ‘Efforts to remove the obstacles to faster processing of PIN payments in a European context have so far not led to success. Our business customers will benefit from having their sales credited within 24 hours 365 days a year. We will make this possible starting the weekend of 12/13 March,’ adds Saris.
- There are approximately 327,000 payment terminals in use in the Netherlands
- Rabobank’s market share is 46% with 152,000 payment terminals at business customers
- The processing of Dutch PIN payments between the Dutch banks is carried out through the payment system of the European Central Bank. This European payment system is open on all days apart from Saturday, Sunday, Good Friday, Easter Monday, Christmas Day and Boxing Day. On these days, businesses and consumers do not receive credits from other banks in their current accounts. These are effected on the following business day. This has been agreed between the various central banks of the euro countries.