Adyen: Interview with Pieter van der Does, CEO — Strategy, Licensing, and the Next Era of Payments

Summary: Adyen — Company, Products, History, and Vision

Adyen is a global payments platform that unifies acquiring, processing, and value-added services for merchants across ecommerce, mobile, and point-of-sale. Founded in 2006 by Pieter van der Does, Arnout Schuijff, and Vincent Ogle, Adyen has grown into a mature fintech infrastructure provider used by marketplaces, SaaS platforms, platforms-as-a-service, and large enterprises. The company operates under a regulated licensing framework appropriate to European and global markets, combining EMI/PI capabilities with an agent model supported by banking partners. Adyen’s core products span card issuing (IBANs, virtual and physical cards), SEPA SCT Inst and SEPA transfers, PIS/AIS and Open Banking, comprehensive wallets, foreign exchange, onboarding and KYB/KYC, advanced fraud and AML tooling, embedded finance capabilities, acquiring and processing, and flexible pricing designed for scale. The company emphasizes risk-aware compliance, a robust API-driven stack, and an execution-focused product philosophy designed for global platforms and marketplaces. Over the next 12–24 months, Adyen is expected to expand issuance coverage, broaden SEPA Instant routing, deepen Open Banking integrations, and advance its embedded finance capabilities while maintaining a strict risk and regulatory posture. The roadmap is oriented toward broader market coverage, deeper product parity across regions, and continued investments in security, governance, and partner ecosystem expansion.

Questions & Answers

Q1: How would you describe your current role and background?

A: As CEO, I oversee corporate strategy, risk framework, and the execution of Adyen’s long-term products and platform roadmap. My background combines technology leadership with payments infrastructure and regulatory compliance. I joined Adyen to scale a payments platform built for reliability, security, and global coverage, and I focus on aligning product development with strict regulatory standards and client outcomes. I closely supervise the balance between innovation and risk management, ensuring our licensing posture supports a diverse set of merchants and use cases.

Q2: What licenses and regulatory setup does Adyen operate under?

A: Adyen operates as a regulated payments institution in Europe with a licensing framework that supports EMI/PI capabilities, card issuing, and acquiring. We work through a combination of in-house compliance processes and a network of banking and PSP partners under an agent model where appropriate. This structure enables us to issue IBANs, process SEPA Instant, support PIS/AIS, and deliver card issuing and acquiring services while maintaining a rigorous KYC/AML program and risk controls in line with applicable regulations, including MiCA considerations for crypto-asset related services where relevant to our clients.

Q3: How does MiCA affect Adyen and its clients?

A: MiCA establishes a regulatory framework for crypto assets and related services in the EU. Adyen is not a crypto custodian by default, but our platform can serve merchants that operate crypto-related businesses or VASPs via compliant rails and partner arrangements. For clients offering crypto assets or crypto-related services, we provide the necessary onboarding, transaction monitoring, and regulatory alignment to support compliant activity under MiCA when applicable. Our approach is to ensure that any crypto-related services integrated on the Adyen rails meet licensing, AML, and consumer protection requirements.

Q4: What are Adyen’s core products, and how do they position the company in the market?

A: Our core products include IBAN issuance and management, SEPA Instant SCT routing, PIS/AIS and Open Banking integrations, card issuing (virtual and physical), wallets, FX and multi-currency capabilities, onboarding with KYB/KYC, fraud and AML tools, embedded finance features, acquiring and processing, and a flexible developer stack (APIs, webhooks, dashboards, sandbox). We position ourselves as a comprehensive, compliance-forward platform that serves large-scale platforms, marketplaces, SaaS providers, and enterprises requiring global reach, robust risk controls, and strong post-issuance support. Our advantage lies in uniform rails, deep regulatory alignment, and a product roadmap tuned to scale with complex use cases while maintaining control of risk and compliance.

Q5: What does the IBAN issuing capability look like, and who uses it?

A: We offer IBAN issuance for business accounts, enabling merchants to provision IBANs for their customers or subsystems, with managed lifecycle, compliance checks, and reconciliation features. This is particularly valuable for marketplace ecosystems, platform-as-a-service providers, and fintechs that need issuer-level accounts for their customers, enabling local and cross-border transactions with a single, coherent integration.

Q6: How does SEPA Instant fit into Adyen’s routing and coverage strategy?

A: SEPA Instant is a cornerstone for near real-time euro settlement. Adyen provides wide coverage in SEPA Instant where available and routes transactions to optimize speed and cost. Our routing logic factors in availability by country, beneficiary bank capabilities, and real-time risk checks, ensuring that merchants can offer instant transfers to customers across supported SEPA Instant corridors while preserving settlement certainty and compliance requirements.

Q7: What is your stance on PIS/AIS and Open Banking?

A: Open Banking and PSD2-aligned interfaces are integral to our platform. We offer PIS (Payment Initiation Service) and AIS (Account Information Service) capabilities that enable merchants to initiate payments and retrieve account information through secure APIs. Our Open Banking approach emphasizes strong customer authentication, consent management, and a modular API design to support marketplaces, platforms, and fintechs that want embedded payment experiences or leverage customer bank data for revenue models and compliance purposes.

Q8: Can you walk through Adyen’s card issuing and card acquiring capabilities?

A: Card issuing provides virtual and physical cards with spend controls, lifecycle management, and programmatic provisioning. Card acquiring enables merchants to process card-present and card-not-present transactions through Adyen’s acquiring rails. Our offerings integrate with global card networks, support dynamic currency conversion, and provide risk-based authorization, fraud controls, and settlement management, all backed by a unified dashboard and developer-friendly APIs.

Q9: What about wallets and embedded finance features?

A: We support digital wallets and embedded finance components that let merchants incorporate wallet balances, transfers, and embedded payments into their platforms. This enables marketplaces and SaaS providers to offer value-added financial services without building out a separate payment stack, while maintaining enterprise-grade compliance and risk controls.

Q10: How does FX and multi-currency support work in practice?

A: Our FX capabilities cover multi-currency accounts, rate transparency, and settlement in local currencies. We provide competitive cross-border processing, hedging tools where appropriate, and transparent pricing models to help merchants manage currency exposure. This is particularly important for marketplaces with cross-border vendors and customers, or SaaS platforms with global user bases.

Q11: How do KYB/KYC and onboarding operate at scale?

A: Onboarding follows a risk-based approach with tiered KYC checks, document verification, and ongoing screening. We offer automated and configurable workflows, allowing merchants to meet regulatory requirements while minimizing time-to-onboarding. Our process accommodates high-volume platforms and marketplaces, with configurable risk scoring, document collection, and automated compliance checks integrated into the developer experience.

Q12: What fraud and AML tools does Adyen provide?

A: Our risk engine combines rule-based controls and machine learning to detect suspicious activity, together with real-time transaction monitoring, device fingerprinting, and merchant-specific risk profiles. We offer automated sanctions screening, velocity checks, anomaly detection, and case-management workflows to help merchants maintain compliance and protect revenue streams.

Q13: How do you handle acquiring and processing under regulatory constraints?

A: We operate acquiring and processing rails with license partnerships and the necessary compliance governance. Our model emphasizes secure settlement, automated reconciliation, chargeback management, and regulatory reporting. We work with regional and global partners to ensure coverage across markets while upholding a strict risk management and regulatory framework.

Q14: Who are your target clients, and what are typical use cases?

A: Target clients include large marketplaces, SaaS platforms, platforms-as-a-service, fintechs needing issuer rails, and multi-tenant platforms requiring compliant payments infrastructure. Use cases include embedded payments, platform wallets, B2B/B2C payouts, onboarding for fintech customers, and cross-border commerce. We also support crypto-related VASPs or merchants with crypto services through compliant pathways, provided they meet regulatory requirements and risk standards. High-risk verticals such as certain adult or affiliate programs are handled with enhanced due diligence or may be restricted depending on jurisdiction and risk profile.

Q15: How would you describe Adyen’s risk appetite and compliance approach?

A: Our risk appetite is calibrated to support global scale while maintaining strong controls. We employ a formal risk framework, continuous monitoring, and robust controls across onboarding, payment processing, and settlement. Compliance is embedded in product design, with ongoing governance, third-party risk management, and regular audits to ensure alignment with regulatory changes and industry best practices.

Q16: What onboarding timelines and documentation are typically required?

A: Onboarding timelines vary by customer risk profile and geography but generally follow a structured path: business documentation (company details, legal entity, ownership structure), regulatory licenses where applicable, KYC/KYB documentation for principals, financial statements, anti-money laundering policies, and technical integration requirements. Our platform supports a staged onboarding process with sandbox testing before live deployment.

Q17: What are the technical stack highlights for developers?

A: Our stack emphasizes well-documented APIs, real-time webhooks, a comprehensive sandbox environment, and an intuitive dashboard for merchants. We offer modular API endpoints for payments, issuing, Open Banking, FX, and risk. Developer experience focuses on predictable latency, robust error handling, and scalable event-driven architecture to support enterprise-grade deployments.

Q18: How does pricing work at a high level?

A: Pricing is predominantly usage-based (per transaction) with variable components for card processing, issuing, and cross-border FX. There are fixed fees for account provisioning, and additional costs may apply for value-added services like for issuing, wallets, or enhanced risk services. The exact economics depend on region, volume, card networks, and the specific product mix, but we aim for predictable, scalable pricing aligned to merchant growth.

Q19: How does Adyen compare with Stripe, Banking Circle, Swan, and Lemonway?

A: Adyen differentiates itself with a unified, compliance-forward platform that combines acquiring, processing, issuing, and embedded finance on a single rails architecture. We emphasize regulator-aligned, end-to-end risk controls, a robust enterprise-grade API, and a global reach with consistent experience across regions. In contrast to some modules offered by competitors, Adyen tends to appeal to platforms seeking one integrated solution with strong governance, risk management, and a clear path from onboarding to settlement.

Q20: What is the roadmap for the next 12–24 months?

A: The roadmap focuses on expanding issuance capabilities and coverage, deepening SEPA Instant routing where available, broadening Open Banking and PIS/AIS capabilities, extending embedded finance functionalities, and enhancing the merchant experience with more automation, analytics, and configurable risk workflows. We also aim to expand geographic coverage, partner ecosystems, and regulatory alignment to support larger and more diverse merchant bases while maintaining a strong focus on security and compliance.

Q21: How does SEPA Instant routing work across different markets?

A: SEPA Instant routing is driven by availability, beneficiary bank capabilities, and regulatory readiness in each jurisdiction. Adyen continuously updates its routing logic to optimize speed and reliability, selecting Instant paths when supported and cost-effective, while fallback to standard credit transfers where Instant is not available. The approach is dynamic and region-aware, backed by real-time monitoring and reconciliation.

Q22: What is Adyen’s stance on Open Banking momentum and PSD2 enhancements?

A: Open Banking is core to our strategy, enabling faster, more secure, consent-driven data and payments. We actively support PSD2-enabled flows and continuously improve API design, authentication flows, and data access controls for merchants and their end customers. Our position is to provide robust Open Banking capabilities that accelerate time-to-market for clients while maintaining rigorous security and regulatory compliance.

Q23: What about expansion plans or new licensing moves?

A: We continue to explore regulatory opportunities and licensing arrangements that facilitate broader market access for our clients, including relationships with local banks and PSPs to enable faster onboarding and settlement in new regions. Any expansion is accompanied by careful risk, regulatory, and governance assessments to preserve the integrity of our rails and the client experience.

Q24: How do you view the long-term vision for Adyen?

A: Our long-term vision centers on delivering a single, globally consistent payments platform that supports any merchant in any vertical with a high emphasis on compliance, security, and operational resilience. We aim to enable embedded finance at scale, deepen multirail capabilities (issued cards, acquiring, wallets, FX), and empower merchants with data-driven insights, open APIs, and a robust partner ecosystem to accelerate growth in a regulated, global payments landscape.

FAQ

Licensing and regulatory

What licenses does Adyen hold and how do they apply to my business?

Adyen operates as a regulated payments institution with EMI/PI capabilities and card issuing/acquiring rails, supported by a network of banking partners and an agent model. This setup enables issuing IBANs, SEPA Instant, PIS/AIS, and acquiring/processing services while maintaining compliance and risk controls aligned with local and EU regulations.

SEPA Instant and routing

Does Adyen support SEPA Instant in all markets?

Adyen supports SEPA Instant where available in the region and routes payments to optimize speed and cost, using real-time decisioning and risk controls. Availability varies by country and beneficiary bank capabilities.

Open Banking and PIS/AIS

Can I leverage Open Banking with Adyen for my platform?

Yes. Adyen offers PIS/AIS capabilities via Open Banking interfaces, enabling secure initiation of payments and data access through compliant APIs with strong customer authentication and consent management.

Onboarding speed and documentation

What documentation do I need to onboard?

Expect business documentation, regulatory licenses (where applicable), KYC/KYB materials for principals, financial statements, AML policies, and technical requirements. Onboarding timelines depend on risk profile and region, with a staged process and sandbox testing.

Crypto/VASP support and MiCA

Does Adyen support crypto-related merchants?

Adyen can support crypto-related merchants through compliant rails and partner arrangements, subject to regulatory alignment and risk controls. MiCA considerations apply for crypto-asset services and must be implemented alongside appropriate licensing and supervision.

Open APIs and developer experience

What does the developer experience look like?

We provide well-documented APIs, webhooks, dashboards, and a sandbox environment designed for scale, with clear integration guides, test data, and a robust error handling framework to support complex use cases.