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3S Money's Dutch IBANs are live!

Local Dutch IBANs are now available for our clients – 3S Money's business customers can accept and send out payments using local NL account number. They will benefit from a full range of foreign currencies including USD, CNY, RUB and SGD. Our CTO, Eugene Dugaev, hints some details on this update:

“The Netherlands is one of European countries with their own heritage for bank account structure. The process of getting local IBAN is not that trivial: the bban (basic bank account number) should correspond to the long-standing local standard that include specific logic rules that must be followed – called “Elfproef” or passing the 11-test. Only then the correct bban can be wrapped into the well-known IBAN structure. Although, this bban standard is going to be obsolete this summer, our NL IBANs still comply with it. The reason is simple – the legacy of local payment applications will still rely on this validation logic for a while and we are making sure our IBANs’ acceptance is not hindered by this.”  

P.S. If you didn't understand a word from the above – don't worry. It is our job to sort payments out behind the scenes.

Other Beats

Recently we asked our community members to take part in some research to help us figure out how people feel about and cope with the payments process. Through the latest LinkedIn feature, we created a poll with four options: compliance, payment limitations, chatbots and user-unfriendly platforms. The opinion poll lasted for a week and then we counted the votes and compiled the results:
In no time at all, the whole business world has changed. Our usual routines have been transformed and we have a fundamentally new way of dealing with everyday tasks. Digitisation is prevalent in the vast majority of industries, and Fintech is no exception. But now it’s a necessity, rather than a preference. When the Prime Minister announced on 23rd March that the country was going into lockdown, for UK-based companies this meant a move towards remote-working.
We are proud to announce that 3S Money has joined Emerging Payments Association EU, a non-profit association of payments industry influencers and professionals whose goals are to strengthen and expand the payments industry. EPA EU is based in Luxembourg, the home country of various companies that we are currently onboarding as business account holders. With commercial presence in Luxembourg and through membership in the EPA EU, 3S Money is now becoming a valuable player in the payments space in the region with great opportunities for growth.

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