PayPal and MyOrder, the payments venture owned by Rabobank, the Dutch bank, have signed an agreement to bring “check in” payments to the Netherlands, Bank Innovation has learned.

Because of the PayPal-MyOrder deal, which will be officially announced tomorrow, Dutch consumers need only use the “check in” function on the PayPal mobile app to make payments at, say, a restaurant or retail shop. MyOrder, which is the leading mobile payments solution in the Netherlands, connects PayPal to MyOrders more than 1,500 merchants and retail locations. PayPal, obviously, brings the check-in functionality and payment processing.

What’s important about this deal is that it signifies a new strategy for PayPal partnerships with financial institutions. A source with inside knowledge of the deal tells us that PayPal views the deal with MyOrder as “how they want to deal with FIs going forward.”

MyOrder, meanwhile, has been actively pursuing dynamic collaborations with various enterprises within the payments and m-commerce ecosystem for the last several months. The company, which views itself as bridge between businesses and consumers, expects this deal to provide significant value for both MyOrder and PayPal.

PayPal reportedly has about 1.3 million users in the Netherlands.

Because MyOrder controls the merchant relationships and is linked to their POS platforms. Revenue generated as a result of the transactions processed through PayPal will be shared.

Meanwhile, the entire PayPal-MyOrder payments infrastructure is an open platform that developers can tap to incorporate into mobile applications. Here’s how Eelco van Wijk, Director of PayPal Benelux, explained it:

This open standard for mobile ordering and payment means it is very easy for businesses to join in. It will result in accelerated acceptance of mobile ordering and payment in the Netherlands.

A model that should be applicable well beyond the Netherlands, too.