Rabobank and Mollie working together on making statements clearer for consumers
Name of web shop clearly stated on bank statement from now on
For millions of transactions in the Netherlands processed through the payment services provider Mollie, from now on the shop name will be displayed straight away in the apps of various banks following an online purchase. Until now, only the name Mollie was shown and the web shop name only given in the description. This produced some confusion among Dutch consumers. Rabobank is providing the technological solution to display the shop name straight away, and is working with Mollie to make it easier for consumers to keep track of their finances.
Rabobank and Mollie have a combined market share in the Netherlands of more than 50% of all web shops in the Netherlands. Each year some 378 million online payments are made via iDEAL in the Netherlands.
Remco Boer, for Mollie: 'Mollie is keen to keep payment transactions easy and clear for everyone. Both for businesses and their customers: the consumer. A name clearly shown on the bank statement is very important, as this enables the consumer to see straight away where he has placed an order. It is also important for web shop recognition, and so the name on a transaction is a useful way for the business to publicize itself in the market. Since Mollie serves around 50% of the Dutch market, this modification will have considerable impact.'
Nico Strauss, for Rabobank: 'As soon as you see a name you don't know on your bank statement, your first reaction is that a mistake has been made. Rabobank and Mollie will be preventing that now, by showing first the name of the web shop. This will be easier too for those retailers affiliated to Mollie. And consumers will see the name clearly in the banking app straight away, irrespective of the bank they have their account with. Debits can be checked immediately in this way.'
He adds: 'As a large bank in the Netherlands, we believe it is important to facilitate payment service providers in making payment transactions easier and more transparent, so that it will be better for all parties: consumers, businesses and payment service providers.'
Consumers' Association hotline
Previously, the Consumers' Association had set up a hotline for confusing names on bank statements. Complaints poured into the hotline about where a purchase had been made. People are often surprised to see just the name of a payment service provider on their bank statement. The Lower House also passed a motion unanimously, calling for transparency.
In order to deal with this problem, Rabobank was the first to announce it would display the shop name straight away if the web shop uses Rabobank's own payment service OmniKassa, and actively to seek cooperation with the payment service providers. Apart from its cooperation with Mollie, Rabobank is in discussions with other major payment service providers about offering this solution to their customers too. The names of Rabobank and Mollie will appear directly after the web shop name to ensure that businesses comply with the statutory obligation to state the name.
Continuing growth in online purchases via iDEAL
Consumers use their app more and more to check their purchases. The Rabo app, for example, is viewed on average 2 million times a day. The number of iDEAL payments is also rising fast as we do more and more shopping online. Over the Black Friday weekend, for example, 3.5 million payments were made online in the Netherlands via iDEAL; a rise of 38% compared to a year earlier. As iDEAL is growing so fast, it is even more important for consumers to be able to see quickly and easily how they are spending their money.
Published: 29 May 2019, 07:00 CET