XXImo Financial Services is licenced by De Nederlandsche Bank
- 06 April 2023
- General
Payment and mobility platform XXImo will accelerate its expansion into several European countries in the coming years. To achieve this growth, XXImo wants to be able to act as a financial institution itself, without the intervention of other financial institutions. This is why the company has undergone an extensive licencing process with De Nederlandsche Bank. On March 16, the required licence was granted by De Nederlandsche Bank to XXImo Financial Services B.V. (XXImo FS) – an entity newly established by XXImo that will provide payment services for the XXImo operating companies in Europe. XXImo is now licenced as an electronic money institution and to provide payment services.
As well as acquiring the De Nederlandsche Bank licence, XXImo has also become a Visa Principal Member. Together, these two developments allow XXImo FS to offer Visa payment products independently where IDT Financial Services and Transact Payments Malta Limited are currently deployed. This will give XXImo direct support from Visa in the form of a dedicated mobility account management team, market-specific insights, analytics and financial support, in addition to access to all Visa technology to further accelerate growth. The move underlines XXImo’s commitment to delivering a first-class mobility platform.
Visa membership puts XXImo in a unique position. It allows the company to respond to the growing demand for a highly scalable, open-loop payment platform for all mobility-related costs, which is also fully configurable to users’ requirements.
Some 85 per cent of all mobility-related transactions in Europe currently happen out of sight of regulators, but this will need to change in the short term due to European legislation,’ explains Patrick Bunnik, CEO at XXImo. ‘This means that many mobility companies need to make the switch from a closed-loop, often local, payment solution, to an open-loop system. With the new licence, Visa membership and our established payment platform which has proven its worth for more than 11 years, we are perfectly placed to respond to this growing demand. We are delighted to help partners in Europe move to the next stage in mobility payments with our platform.
To become a Principal Member, XXImo has undergone an extensive application process to ensure it meets all applicable operational and regulatory requirements. In addition, Visa Principal membership comes on top of XXImo’s existing Payment Card Industry Data Security Standard (PCI-DSS) certification, which guarantees the quality, transparency and robustness of XXImo’s payment security systems.
XXImo has a unique proposition at the intersection of business mobility and payments. There is a significant market potential in Europe and because XXImo is now a Principal Member, they can use Visa’s support to capitalise on this potential and accelerate growth in new countries. A great milestone in our 11-year partnership, which just goes from strength to strength.
XXImo has been operating its business mobility platform in Germany and the Benelux since 2011. With its mobility card, based on the Visa network, the company unburdens the large business market by providing services for booking, payment, management and administration of business mobility and expenses. In 2022, XXImo expanded into the UK. Expansion into France and Hungary is planned in 2023.
Now that De Nederlandsche Bank licence has been issued, XXImo is preparing to put it to use. The licence will be gradually deployed for existing customers as well as for entry into new markets.
We have built a mature platform over the past 11 years, with many great customers and resellers connected to it. I am extremely proud of the entire team for all their hard work during the application process as we transformed into a payment institution. With the licence as well as the Visa Principal Membership in our pocket, we now have the wind at our back as we continue to grow.
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