Journal of Financial Market Infrastructures

A dual consent approach for payments

Ron J. Berndsen and Daaf van Oudheusden


This paper looks at payments where, due to a lack of trust between buyer and seller, it is beneficial to involve a guarantor for payments. We argue that this guarantor should obtain consent from both the buyer and the bank of the buyer (a dual consent approach). We recommend that such a dual consent approach becomes a minimal regulatory requirement for a large variety of payment methods.