iDEAL is the most used online payment product for Dutch consumers! It is a guaranteed, pre-completed credit transfer of the IBAN of the payer to the IBAN of the payee (Ultimate Beneficial Owner: UBO).
The unique characteristics are:
- Payment by the payer via its mobile banking app or its internet banking environment;
- Realtime payment confirmation and a subsequent irrevocable credit transfer to the IBAN of the UBO;
- Suitable for direct payments and for post payments, via an iDEAL (QR) payment request via email, text message or WhatsApp message, etc.
- iDEAL QR to start payments in a offline environment or to offer the payer the possibility to authorize the payment in its mobile banking app or the iDEAL app.
To enable an iDEAL payment, iDEAL needs partners which are active in different roles, please see the role model below.
An iDEAL partner should have a licence as a payment service provider (PSP) and should be registered accordingly in the licence register of the relevant European regulator that is maintained by order of the government (e.g. The Dutch Central Bank: De Nederlandsche Bank).
The iDEAL scheme contains the following roles:
- Issuer – this is the PSP of the payer;
- Acquirer – this is the PSP of the company (merchant) that offers iDEAL as a payment method to consumers. An acquirer transfers the money directly to the IBAN of the merchant.
- Collecting Payment Service Provider (CPSP) – this is the PSP of the company (merchant) that offers iDEAL as a payment method to consumers. A CPSP actually collects the money for the company and transfers the money, upon agreement, periodically to the IBAN of the company.
- C2C-provider (not part of the model of roles) – this is the payment service provider that offers a Consumer-to-Consumer service or system to transfer money from or to another consumer. The beneficiary of the payment is the C2C-provider. This provider transfers the money to the IBAN of the beneficiary consumer, within the agreed time period.